The average daily trading volume in the US stock market has reached a new all-time high, reflecting elevated participation and intensified market activity.

At the same time, Bank of America reports that its institutional clients — including large hedge funds and asset managers — have been net buyers of US equities for three consecutive weeks.

Notably, the majority of inflows are not directed into individual stocks, but rather into broad equity ETFs, signaling:

• macro-level positioning rather than single-name conviction
• systematic exposure to overall market beta
• risk-on allocation through diversified vehicles

Record trading volumes combined with sustained institutional ETF buying suggest strong liquidity conditions and continued appetite for US equity exposure.

For traders, the key question is whether this flow-driven momentum can persist — or whether positioning is becoming crowded.