In the past three months, net inflows into U.S. ETFs have exceeded $400 billion. A lot of ETF funds come from 401k, pensions, advisor models, target date funds, and rebalancing. These funds don’t consider whether something is 'expensive' or 'cheap'; they simply buy when they think it’s time to buy, and their judgment to buy is based on the belief that a trend is already happening. Although this money is flowing into U.S. stock ETFs, it doesn’t mean it’s evenly distributed across the market. Ultimately, more of it will flow back into assets with the largest index weights, especially large-cap and tech-weighted assets. This generally reflects that these funds see signs of a soft landing for the U.S. economy, rate cut expectations, the AI productivity narrative, cash shifting from short-term bonds, and overseas funds chasing dollar-denominated assets. To put it simply, while many people still think we’re in a bear market, over $400 billion has already started bottom-fishing. They’re willing to bet that the trend will be better by 2026. @bitget VIP, lower fees, crazier perks