The most revealing data is as follows: For every 100 dollars that entered the US shareholding market after the 2024 elections, 5 retired in the last three weeks. At the same time, Europe – a market that many of them stagnated – begins to recover land. From the Russian invasion to Ukraine, for every 100 dollars that left, 14 have already returned 14according to the breakdown of the report.
“The capital flow is the whisper before the cry. Europe and Japan are whispering stronger than it seems,” said Elyas Galou, Bofa analyst and co -author of the report.
Rising cryptocurrencies: its biggest entry of the year
The report also reveals that the funds of cryptocurrencies registered their Greater capital entry in 2025with 2.3 billion dollars In just a week. Meanwhile, the gold funds – a classic thermometer of investment fear – had their First net exit since Januarywith $ 1.5 billion retired.
This change suggests that the appetite for more speculative or growth assets, such as cryptoactive, once again gain traction against traditional coverage.
Why is the US money withdrawn?
He Donald Trump’s new mandate It began with a strong political and economic imprint, but in the first 100 days the balance for markets is negative:
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He S&P 500 It falls almost a 5% In the year.
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He oil a 19%.
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He dollar BACK A 9%.
Despite a recent turn towards more pragmatic policies – as the decline of tariffs, tax cuts and a more flexible Fed – investors have begun to move silent.
“When the safest assets shine, it is that something big is brewing under the surface,” warns the strategist Michael Hartnettauthor of the report.
While production and activity indicators continue to weaken, employment remains the last bastion. The market looks with magnifying up the next data from non -agricultural payrolls: If they break, the recovery narrative would be questioned. “Employment is the last emotional support of the market. If it falls, the party ends,” he says Hartnett.
In addition to Europe and cryptocurrencies, the report highlights that funds technological They carry seven consecutive entriesaccumulating 49,000 million dollars So far this year. But at the level of private patrimonial management, the tone is another: the big clients are turning towards what defensive. They increased their exposure to Public services ethfs, low volatility and dividendswhile abandoning assets associated with inflation, such as bank loans and tips.
The new flow map: less noise, more strategy
In short, the report shows that the Capital is not fleeing in panicbut repositioning with stealth. Europe, Japan and crypts emerge as new poles of attraction, while the US begins to give prominence in the global distribution of money.
“The great movements do not occur with strident holders, but with surgical decisions,” concludes Hartnett. And that movement, although silent, is already underway. “
Source: Ambito
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