BofA's weekly flow report notes USD 35.2bln into stocks, USD 26.4bln into bonds, USD 23.8bln into cash, USD 1.4bln out of gold, and USD 0.8bln out of crypto

• International equities have now seen a record four week inflow of USD 64.6bln
• Gold sees the largest outflows in four months
• BofA's Bull & Bear Indicator falls to 9.4 (prev. 9.5), and reads “extreme bull” levels, near highest since January 2018 on sustained inflows to global stock ETFs & tech funds, strong global stock index breadth, bullish fund manager positioning, partially offset by outflows from EM debt, and hedge funds turning net long VIX futures. 

This week's BofA flow report shows substantial inflows into equities and bonds, indicating strong investor confidence and a potential bullish sentiment in the markets. The notable outflows from gold, which have reached a four-month high, may suggest a shift in asset allocation as investors favor stocks and bonds over traditional safe havens. The decline in BofA's Bull & Bear Indicator to "extreme bull" levels highlights a pronounced optimism among fund managers amidst this trend, although caution is warranted given the simultaneous outflows from emerging markets and rising net long positions in volatility products like VIX futures.