Global capital is speaking, and its message is clear: the United States is no longer the preferred refuge for investors. According to the latest The Flow Show report from Bank of America, capital flows are beginning to steadily redirect towards Europe and digital assets, amid a scenario filled with economic, political, and monetary tensions.

The most revealing data is as follows: for every 100 dollars that entered the U.S. stock market after the 2024 elections, 5 were withdrawn in the last three weeks. At the same time, Europe — a market that many considered stagnant — is starting to regain ground. Since the Russian invasion of Ukraine, for every 100 dollars that left, 14 have already returned, according to the report's breakdown.

"Capital flow is the whisper before the shout. Europe and Japan are whispering louder than it seems," said Elyas Galou, BofA analyst and co-author of the report.

The report also reveals that cryptocurrency funds recorded their largest capital inflow so far in 2025, with 2.3 billion dollars in just one week. Meanwhile, gold funds — considered a classic thermometer of investor fear — had their first net outflow since January, with 1.5 billion dollars withdrawn.

This change suggests that the appetite for more speculative or growth assets, such as cryptocurrencies, is regaining traction over traditional hedges.