Coindesk reported that major cryptocurrencies' gains this month have surpassed the U.S. stock market. The media stated via X, "Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB rose 6% this month, outperforming the S&P500 (4.3%). This is interpreted as the result of strengthened accumulation as investment-ready funds, such as stablecoins, flowed into exchanges, while major cryptocurrencies continued to be withdrawn. Indeed, on Binance, there was a net inflow of stablecoins, whereas major cryptocurrencies saw a net outflow. Exchange withdrawals are interpreted as either moves to self-custody or institutional accumulation." It further analyzed, "Looking at the overall market fund flow, the net inflow of funds into exchanges reached $3.3 billion. In particular, the fact that funds flowing into exchanges are larger than the net inflow into ETFs (+$1.51 billion) suggests that traders, not institutions, are currently leading the market. This is similar to the trend seen after BTC hit a high of $124,000 last October, where prices rose for several weeks, driven by exchange demand even as funds flowed out of ETFs."
