In the first 6 days before the New Year, ETFs absorbed $46 billion, an exceptionally large figure. At this rate, the total for January could surpass $158 billion, roughly four times the normal level of previous years.

Generally speaking, January shouldn't be this hot. Because traditional stock funds usually experience tax loss harvesting—funds that flowed in last December are redeemed in January for tax optimization—so these types of funds typically see negative growth in January. But now, the situation is completely reversed.

The growth momentum across the entire industry is too strong. Funds flowing into various other ETFs easily outweigh the net outflows from traditional funds, instead boosting the overall market absorption. This reflects market participants' enthusiasm for allocating across diverse asset classes, far exceeding previous levels during the same period.