According to @KobeissiLetter, US equities have attracted an annualized +$132 billion in foreign net inflows year-to-date, putting 2025 on track for the second-best year in history, compared with a +$163 billion record in 2024 and +$80 billion in 2021 (source: @KobeissiLetter, Nov 19, 2025). According to @KobeissiLetter, this reflects sustained foreign demand for US assets and ongoing appetite for US risk exposure (source: @KobeissiLetter, Nov 19, 2025). According to IMF research, higher post-2020 BTC–S&P 500 correlations make large equity inflow trends a relevant gauge for crypto risk sentiment and positioning in BTC and ETH (source: IMF Staff Blog "Crypto Prices Move More in Sync With Stocks," Jan 2022). According to Kaiko research, equity–crypto correlations can tighten during macro shocks, so traders may monitor whether strong foreign inflows persist alongside broader liquidity conditions as a potential risk-on backdrop for crypto beta (source: Kaiko research on crypto–equity correlations, 2023).