According to The Kobeissi Letter, net inflows into ETFs tracking gold, ultra-short Treasuries, and low-volatility stocks surged to $18 billion in April 2025, marking the highest monthly level since March 2023. Safe haven inflows more than doubled compared to March, indicating heightened risk aversion among investors (source: The Kobeissi Letter, May 6, 2025). This shift towards defensive assets signals potential short-term volatility in risk-on markets, including cryptocurrencies, as traditional investors seek protection from macroeconomic uncertainty.