According to Eric Balchunas, US ETF flows have reached $400 billion so far in 2024, averaging a remarkable $4.4 billion per day. Nearly half of these inflows are directed at US equities, with $VOO alone pulling in $60 billion and projected to hit $164 billion by year-end, 60% ahead of last year's record (source: Eric Balchunas on Twitter, May 15, 2025). This substantial capital allocation to traditional equities signals strong investor confidence in traditional markets, potentially diverting liquidity from cryptocurrencies and impacting short-term crypto market sentiment.

According to Eric Balchunas, the 'Safety Dance Index,' which tracks flows into gold, treasuries, and low volatility stocks, has hit one of its highest readings in April 2025, indicating increased nervousness in ETF flows. Despite this, funds like VOO continue to see substantial cash inflows, suggesting investors are dollar-cost averaging and adding to their portfolios.