BofA: Cash Fund Inflows Fastest Since Pandemic, $166.4B in a Week

The scale of the cash build is the story: money is not rotating into risk assets, it is parking at the front end and waiting for policy to change. That matters for crypto and RWA markets, which have leaned on the same liquidity cycle for their marginal bid. Hartnett's framing puts the trigger on the Fed rather than on any sector-specific catalyst, so the question worth watching is whether rate-cut expectations firm up enough to move that cash off the sidelines, or whether it keeps compounding as dry powder.