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Data: Cardify; Chart: Axios Visuals

That sucking sound you hear is the outflow of meme-chasing dollars from the stock market.

Why it matters: The caravan has moved on. The dream of getting rich quick still lives, but today it's more often found in the world of crypto, NFTs or even sports betting than it is in the stock market.

By the numbers: Market research firm Cardify has a panel of roughly 500,000 users who let it see the monies flowing in and out of their bank account.

  • Out of those users, 30% have put money into places like Robinhood or Fidelity that facilitate stock market investing, while 4.6% have put money into crypto companies like Coinbase.
  • In January, those investors put $37 million into the stock market, while withdrawing just $19 million. In September, by contrast, investments totaled $16 million but withdrawals reached a record $26 million.
  • Crypto investments peaked at $10 million in May, when there were $3 million of withdrawals. As of the fall, the money continues to pour into the asset class, with $5 million of inflows against $2 million of outflows in September.
  • Caveat: Not everything is being counted perfectly. Robinhood, for instance, is tagged as a way of investing in traditional markets even though it also offers crypto. And Cash App isn't counted in either category, even though it offers investments in both.

The big picture: The "boredom markets hypothesis" holds that a lot of stock market activity at the beginning of this year was a function of small investors being stuck at home and not having anything better to do with their time (or their money).

  • Today, those investors are vaxxed and enjoying a much fuller social life; there are also many new suitors for their gambling dollars.

The bottom line: The money still entering the stock market is much more likely to be for long-term investment, compared to the fast money that flowed in at the beginning of this year and is now flowing straight back out.

Go deeper: SEC debunks conspiracy theories about meme stock mania

Go deeper

A breakdown of what's in Bentonville's budget for 2022

Illustration: Brendan Lynch/Axios

Bentonville's City Council approved its budget for 2022 earlier this month. We'll walk you through the highlights.

Why it matters: Annual city budgets show residents where they can expect their tax money to go in the coming year, and what the city plans to prioritize when it comes to funding.

Supreme Court appears likely to roll back abortion rights

Abortion rights advocates and anti-abortion protesters demonstrate in front of the Supreme Court in Washington, D.C., on Dec. 1. Photo: Olivier Douliery/AFP via Getty Images

The Supreme Court on Wednesday seemed likely to weaken abortion rights and perhaps to let states ban the procedure altogether.

The intrigue: The court seemed likely to throw out the framework established in Roe v. Wade, but it wasn't clear whether a majority of the justices were inclined to overturn the court's precedents entirely.

Felix Salmon, author of Capital
Updated 54 mins ago - Economy & Business

How to meme a painting

Illustration: Megan Robinson/Axios

How can a physical artwork become an NFT? One new company has just spent $12.9 million on a Banksy in an attempt to try out a new way of converting the real into the virtual.

Why it matters: The art market globally sees volume of about $60 billion per year, almost all of which is trade in physical objects. Art-world insiders including former Christie's c0-chair Loïc Gouzer are on the lookout for ways to monetize physical paintings without necessarily giving up physical ownership of them.