The October crypto crash left a mark that retail investors have not forgotten. A Wintermute report drawing on JPMorgan Chase data shows a clear rotation away from digital assets and toward equities, with the numbers backing that trend at every level. Bitcoin once traded near $126,000. Today it hovers around $66,000, cut in half by a combination of geopolitical pressure and fading retail appetite for risk.

The October selloff was brutal in its speed. Over $19 billion in positions disappeared, with $7 billion unwinding in a single hour. Events of that magnitude change behavior. Investors who watched portfolios shrink in real time tend to look for steadier ground, and right now that ground sits in equity and gold ETFs, both of which have…