BofA Flow Show (USD): Bull & Bear Indicator remains at 9.0

• 148.5bln to cash; 3rd biggest ever. 
• 11.1bln to bonds.
• 2.2bln to stocks; Tech outflows USD 0.9bln. 
• 1.1bln to gold.
• 1.1bln to crypto. 

This week's BofA Flow Show indicates a strong preference for cash, with $148.5 billion flowing in, marking the third-largest inflow on record. The significant outflow from tech stocks suggests growing risk aversion, while allocations to gold and crypto imply investors are seeking safe havens amid uncertainty. Altogether, this points to a cautious stance in the markets, likely impacting FX and commodity flows as traders reassess their risk appetite.