华尔街 2920 亿美元的风险轮动刚刚为比特币创造了新的看涨格局

Global equity funds pulled in over $15 billion in the week through Apr. 1, then $23.47 billion, $31.26 billion, and finally $48.72 billion in the week through Apr. 22. Global money-market funds simultaneously bled a $173.24 billion outflow in the week through Apr. 15, the biggest single-week exit from cash since at least September 2018. Together, the figures create a roughly $292 billion risk-on signal, combining $118 billion of global equity fund inflows across four weeks with a separate $173 billion weekly exit from cash. Coinbase and Glassnode's Q2 Institutional Outlook puts BTC's daily return correlation with the S&P 500 at 0.58 in the fourth quarter of 2025, while its relationship with gold stays negligible . When capital flows toward risk, it flows toward the asset class Bitcoin currently behaves like. Global equity funds attracted $48.72 billion in the week through April 22 while money-market funds shed a record $173.24 billion the prior week. The more pointed detail comes from Coinbase's survey of 91 global investors, comprising 29 institutions and 62 non-institutions, conducted between Mar. 16 and Apr. 7. Among institutional respondents, 75% view Bitcoin as undervalued, while 61% of non-institutional crypto investors hold the same view. Only 7% of institutions and 11% of non-institutions see BTC as overvalued. Those numbers describe a market where buyers of size still see room to the upside. Capital rotating into risk meets an asset that its most sophisticated holders still consider cheap, held by a market yet to rewire itself for euphoria. The on-chain picture BTC supply moved within the last three months fell 37% during the first quarter, while supply that had not moved for more than a year rose 1%. Speculative holders who bought at higher prices cycled out through the drawdown, and long-duration holders accumulated. The Puell Multiple fell to 0.7 in the first quarter, implying miner revenue ran about 30% below its one-year baseline, a zone that has histo