US Equities Rise Amid Retail Fatigue and Macro Fund Influence

US equities have been steadily increasing, with the Nasdaq 100 and Russell 2000 up over 1%, while the Dow Jones Industrial Average is also higher.

This trend reinforces a risk-on equity regime that historically supports Bitcoin (BTC) and large-cap crypto. However, JPMorgan data reveals that US retail equity buying has slowed by roughly 30% in recent weeks, with weekly flows into equity exchange-traded funds (ETFs) dropping by about 22%. This shift in driver mix may impact crypto markets as macro funds become more prominent.

For crypto traders, the combination of strong index prints and softer retail flows means that the marginal driver of risk is skewing more institutional and macro rather than retail FOMO. If equities continue to drift higher while retail accelerates its slowdown, Bitcoin and Ethereum may increasingly trade off futures flows, systematic strategies, and macro funds' views on inflation and the Fed.