US fund inflows are skyrocketing: US equity ETFs have attracted a record +$400 billion over the last 3 months. Inflows have doubled since August 2025 and now exceed the April 2021 high by +$177 billion. January inflows into these funds are now running at 5 TIMES the average rate. Meanwhile, leveraged-long ETFs now hold $145 billion in assets, an all-time high, while funds betting on market declines own just $12 billion. As a result, bullish leveraged bets now outweigh bearish ones by 12 to 1, the highest on record. Risk appetite is through the roof.