Risk-on is back and the numbers don't lie 🐂

May 12 data via CoinDesk:

Majors index (BTC/ETH/SOL/BNB) +8.2% MTD

S&P 500 +2.4%

Gold +1.5%

Oil -3.6%

Crypto is outperforming everything. Capital rotation is real.

Inflows this month:

ETFs: +$1.51B

Stablecoins: +$2.49B

CEXs: +$3.3B

Binance captured 78% of all CEX inflows. That's not a typo 🤯

The interesting part? Binance saw $887M in WETH deposits (likely LRT/restaking de-risking post-KelpDAO drama) while BTC had -$400M net outflows.

Liquidity tells the story. ETH narrative shifting while BTC cools off.

Position where the flow is heaviest. Don't fade the data 💛