Flows into risk assets remained solid in the latest week, with $26.1bn into cash, $12.1bn into bonds, $3.5bn into equities, $2.8bn into gold, and $2.1bn into crypto, Bank of America (NYSE:BAC) (BofA) said in a weekly report.
Emerging market debt saw a record $5.8 billion inflow, while U.S. small-cap funds recorded their largest weekly outflow of 2025 at $4.4bn.
“For all the Sturm und Drang, every asset class [was] blessed by inflows,” said BofA strategists led by Michael Hartnett.
Since the start of the year, equities have absorbed $325bn, bonds $269bn, and gold $40bn—marking a record.
U.S. stocks have taken in $164bn and are on track for their third-largest annual inflow, while large caps have attracted $224bn.
Small caps have seen a $35bn outflow, “on course for [a] record annual outflow,” BofA highlighted.
Despite the S&P 500 sitting near record highs, participation remains narrow. Only 22 stocks are currently at all-time highs, compared to 67 in January.
Hartnett noted this move is “on cusp of [the] 7th great breakout since 1990, albeit with [the] smallest ‘breakout stock’ participation.” The rally remains concentrated in tech, with broader market strength still lagging.
He said the market is approaching levels that typically trigger a contrarian caution signal. “Past 4 weeks inflows to global equity/HY bonds [are] precisely 0.99%,” Hartnett noted, adding that such “greedy inflows [are] saying take some profits off the table.”
