Retail investors have purchased over $120 billion of US stock ETFs year-to-date, with buying activity accelerating following the market drop in March. In contrast, institutional investors have sold nearly $30 billion during the same period. On a single trading day, retail investors bought $3.3 billion of US stocks within the first 4.5 hours, marking the third-largest amount ever recorded. Despite this, US small-cap stocks have faced heavy outflows, with small-cap equity funds experiencing a record $58 billion in net outflows year-to-date. The Russell 2000 index remains down 25% from its peak and has yet to recover from the bear market. Leveraged ETF inflows have increased by 20% since early April, driven by funds such as TQQQ and SOXL, indicating continued risk appetite among retail dip-buyers. Meanwhile, foreign investors have been rapidly withdrawing from US equities, pulling approximately $6.5 billion from US equity funds in the past week, the second-largest outflow on record after the $7.5 billion seen during the March 2023 banking crisis. Additionally, mutual fund and ETF investors have unusually sold bonds aggressively last week, reallocating much of that capital into US stocks.