A report from Bank of America shows that cash and cryptocurrency funds were the darlings of fund inflows last week. Money market funds received a capital inflow of $136.4 billion, the largest weekly inflow since March 2023; cryptocurrency funds received a capital inflow of $3 billion, with a four-week inflow of $11 billion, the highest level ever. Investor interest in digital assets has surged, but with Bitcoin's market capitalization exceeding $2 trillion, the cryptocurrency market is showing signs of a bubble. At the same time, concerns about overvalued stocks, with the S&P 500 price-to-book ratio reaching 5.3, surpassing the peak of the March 2000 dot-com bubble.

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