Risk appetite looks like it’s coming back

not just from price moving up, but from where capital is actually going

crypto has been leading the move too. majors are up around 8.2% MTD, ahead of equities and a mixed commodities picture

etfs are positive, stablecoins are expanding again, exchange inflows are up… the flow picture is turning green across multiple areas

one thing that stood out was how much of that activity ended up on @binance

around 78% of net CEX inflows this month went there versus a 29% trailing average, while exchanges overall pulled in about $3.3B MTD

stablecoin inflows have been building too, including a +$3.6B move over 7 days, usually watched as capital waiting for deployment

token flows are shifting as well. WETH led deposits while BTC stayed in net outflow, pointing more toward repositioning than capital leaving the market

the recovery looks broader this time, and a lot of those flows seem to be running through binance