According to Eric Balchunas, ETFs and mutual funds together own only about one-quarter of the US stock market, with ETFs still under 10 percent of total equity ownership. Source: https://twitter.com/EricBalchunas/status/2011047344104501374 He adds that households and foreign investors together account for about 60 percent of US equity ownership, highlighting that the largest share of market influence sits outside pooled funds. Source: https://twitter.com/EricBalchunas/status/2011047344104501374 For trading, this ownership mix means ETF flow headlines represent a minority share of equity ownership, so equity-crypto correlation strategies should not rely solely on ETF data when gauging risk sentiment in BTC and ETH. Source: https://twitter.com/EricBalchunas/status/2011047344104501374