According to The Kobeissi Letter, retail investors injected a record $40 billion into US ETFs and single stocks in April 2025, more than double the monthly average for the year and surpassing March’s previous high, as reported by JPMorgan data. This surge in equity inflows signals a renewed appetite for risk-on assets, which may temporarily shift retail capital away from cryptocurrencies and increase short-term volatility in the crypto market as traders rebalance portfolios to capture equity market momentum. Source: The Kobeissi Letter (@KobeissiLetter), JPMorgan.