Coindesk reported that the gains of major cryptocurrencies 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, outpacing 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 cryptocurrency withdrawals continued. In fact, on Binance, there was a net inflow of stablecoins, while major cryptocurrencies saw net outflows. Exchange withdrawals are interpreted as a move towards self-custody or institutional accumulation." It further analyzed, "Looking at the overall market fund flow, the net inflow of funds to exchanges totals $3.3 billion. Particularly, the fact that exchange inflows are greater than ETF net inflows (+$1.51 billion) suggests that traders, rather than institutions, are currently driving the market. This trend is similar to what happened after BTC reached a high of $124,000 in October last year, where prices rose for several weeks, supported by exchange demand, even as funds flowed out of ETFs."
