According to Eric Balchunas, recent ETF flow data show a strong shift toward risk-on sentiment, with not only $VOO but also $SPY, $IVV, and $QQQ experiencing significant inflows. The addition of two semiconductor ETFs and a junk bond ETF further confirms increased risk appetite among institutional investors (source: Eric Balchunas, Twitter). The return of $JAAA to cash positions suggests some rotation in fixed income strategies. For crypto traders, historic correlations indicate that rising risk-on flows in equity and tech ETFs often precede bullish moves in digital assets, making this a key indicator for short-term crypto market sentiment.