Bank of America’s latest Global Fund Manager Survey, released on August 19, shows a sharp rebound in risk appetite among global investors. Equity allocations have climbed to a five-year high as U.S. stocks move back toward record levels, while cash holdings have fallen to 3.5%. The survey also found that a record 56% of respondents expect the global economy to avoid a pronounced landing-style slowdown. AI capital spending, despite rising budgets at large tech companies, is not currently a top concern for most managers. The survey suggests portfolios are now leaning toward economic resilience, continued earnings growth, and ongoing liquidity support for risk assets.

U.S. spot Bitcoin ETFs posted a fifth straight day of inflows, adding nearly $1.7 billion. BlackRock's IBIT led with $134.6 million on Wednesday. Bitcoin traded above $81,500 amid easing Iran tensions.

Analyst Garrett Jin points to a shift from Nasdaq large-caps to Russell 2000 small-caps, with capital then flowing into Bitcoin and Ethereum. Crypto ETFs saw $460M inflows for the third straight week.

The copper-to-gold ratio, a key macro risk appetite indicator, historically correlates with Bitcoin cycle highs and post-halving reversals. After bottoming in late 2024, it has rebounded alongside record copper prices, potentially setting the stage for a Bitcoin rally in 2026 if driven by growth expectations.

Roundhill Sports Betting & iGaming ETF (BETZ) has posted a 365-day correlation of about 0.91 with Bitcoin, highlighting an unusually strong link. But recent market action suggests the relationship may be weakening, reducing BETZ’s usefulness as a signal for BTC moves.

Bitcoin surged from $68,500 to $71,801 in under an hour after Trump paused plans to strike Iranian power plants. Crude oil tumbled 8-13%, Asian stocks rebounded, and risk assets gained a temporary reprieve.

Crypto ETF market shows divergence on Tuesday: Bitcoin ETFs saw $74.5 million net outflows, Ether ETFs lost $40.8 million, while Solana and XRP ETFs gained $4.64 million and $1.4 million respectively, signaling selective investor rotation into altcoins.

Bitcoin broke above $78,348 after Iran fully reopened the Strait of Hormuz, sparking a global relief rally. Oil prices crashed, sending risk assets higher. The crypto market saw over $810 million in liquidations, with short sellers bearing the brunt. Analysts warn the truce remains fragile.