Wall Street's $292B risk-on rotation is pointing straight at Bitcoin.

Four consecutive weeks of accelerating equity inflows — $15B, $23.47B, $31.26B, $48.72B — combined with a record $173.24B single-week exit from money-market funds, the largest since at least September 2018, have produced what Coinbase and Glassnode's Q2 Institutional Outlook frames as a $292 billion risk-on signal. With BTC's correlation to the S&P 500 sitting at 0.58 in Q4 2025 and its correlation with gold negligible, capital rotating into risk is rotating toward the asset class Bitcoin currently resembles.

The conviction behind that rotation runs deep. A Coinbase survey of 91 global investors conducted between March 16 and April 7 found 75% of institutional respondents view BTC as undervalued, versus just 7% who see it as overvalued — a spread that describes accumulation, not euphoria.

On-chain data reinforces the setup: BTC supply active in the last three months fell 37% in Q1…