Bitcoin

It reflects a maturing Indian investor base that is increasingly SIP-driven and counter-cyclical, reducing the correlation between Indian equities and global risk assets like BTC. As India's equity inflows rise despite a market decline, it suggests domestic liquidity is insular and may not flow into crypto, especially with high BTC dominance and altcoin underperformance.

Flows into Indian equity mutual funds rose for a second consecutive month in September despite a stock market decline, indicating domestic investors bought the dip.