Are institutions quietly de-risking while retail is still buying the dip?

Feels like two different markets right now.

After the last decade where “buy the dip” almost always worked, retail still seems conditioned to keep doing it, while institutions might be doing the opposite - raising cash, rotating to safety, or just waiting this out with oil spikes and rising geopolitical risk.

Markets also aren’t brushing off bad news like before.

So what’s really happening here?

Are institutions quietly de-risking while retail keeps buying, or is this just another dip that gets bought up again?

How’s everyone positioning right now?