According to Eric Balchunas, ETF investors kept buying through last week, October was a record month for inflows, and 2025 year-to-date ETF inflows have already set a new annual record of $1.15 trillion with six weeks remaining (source: Eric Balchunas on X, Nov 11, 2025). He characterized the backdrop as bulls buying their way to all-time highs, underscoring strong flow-driven momentum (source: Eric Balchunas on X, Nov 11, 2025). For trading, monitor weekly and monthly ETF net flow prints as a high-frequency risk appetite gauge that can inform positioning across equities and digital assets (source: Eric Balchunas on X, Nov 11, 2025).