Foreign private investors purchased a record $646.8 billion worth of U.S. equities over the 12 months ending in September 2025, according to market data highlighted by the crypto news account WhaleInsider on X. The figure represents an all-time high for private cross-border equity flows, underscoring robust global demand for American financial assets.
The report, based on data from Yardeni Research, shows that the latest influx of private foreign capital into U.S. stocks exceeds the previous peak in 2021 by roughly 66%. This surge coincides with shifting global capital flows as international investors seek returns amid evolving macroeconomic conditions.
Market Dynamics Behind the Record Flows
Alongside equities, foreign private investors have also remained active in U.S. Treasury markets. Over the same 12-month period, purchases of U.S. government bonds by overseas private capital totaled $492.7 billion, demonstrating sustained interest in dollar-denominated securities.
Analysts interpret these trends as part of a broader reallocation of capital toward U.S. financial assets amid global uncertainty. Demand for U.S. equities and fixed income has been buoyed by the relative safety and liquidity of the American market, especially as geopolitical tensions and economic policy divergence influence investor decisions.
Shifting Ownership Patterns
The composition of foreign holdings in U.S. Treasuries has also changed meaningfully. According to Yardeni Research:
- China’s share of U.S. Treasury holdings fell to around 7.6%, the lowest in 23 years and down 20 percentage points over the past 14 years.
- Japan remains the single largest foreign holder, though its share has declined modestly.
- The United Kingdom’s share has quadrupled to approximately 9.4%, nearing historic highs.
These shifts reflect longer-term repositioning among global institutional and private capital pools.
Implications for Crypto and Financial Markets
Although the tweet highlighting these flows came from a crypto-focused aggregator, the underlying data points to macro capital movements that can influence risk sentiment across asset classes, including cryptocurrencies. Large foreign inflows into U.S. equities can affect liquidity, risk appetite, and portfolio allocation strategies for institutional and retail investors alike.
Conclusion
Record private foreign purchases of U.S. stocks nearing $647 billion stand out as a significant development in global capital markets. Amid evolving macroeconomic conditions, such capital flows signal strong confidence in U.S. equities and may continue to shape asset allocation trends into 2026.
