[Wintermute: Correlation Between Crypto and U.S. Stock Retail Flows Turns Negative, U.S. Stock Activity May Become a Leading Indicator] Odaily Planet Daily reports that Wintermute's latest report indicates that since the end of 2024, the correlation between retail flows in the crypto market and U.S. stocks has shifted from positive to negative. The report states that while retail flows into U.S. stocks have reached record highs, overall trading activity in the crypto market has become more cautious, with the total market cap of altcoins declining in tandem with retail activity. Data shows that the BTC/NDX volatility ratio has been steadily decreasing, dropping below 2x at one point in the first half of 2025. With the improvement of investment tools such as ETFs and the integration of cross-platform trading channels, the transition of funds between crypto assets and traditional stocks has become more seamless. Wintermute believes that the activity level of U.S. retail stock trading is becoming an important leading indicator for observing trends in the crypto market. Investors are advised to examine changes in fund flows from a multi-asset allocation perspective.