That’s according to a report Sunday (March 1) from Bloomberg News, which says the speculative demand that once centered around crypto has shifted into stocks.

Since late 2024, retail investors have steadily shifted toward equities, a trend that sped up following the crypto crash last October, the report said, citing a new report from market-maker Wintermute which itself drew from JPMorgan Chase data.

Bloomberg characterizes the shift as striking at something key to the crypto’s market structure, which has long relied on investor mood as a key demand driver. If that demand is moving to other trades, it goes against the…