Digital Assets and Commodities Surge as Crypto-Linked ETFs Explode

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Macro Summary

Total ETF market volume registered $217.96 billion, a subdued session at just 89% of the 30-day average daily volume. The session was defined by a stark divergence in activity, with explosive, above-average turnover in Digital Assets and Commodities contrasting sharply with muted trading across the broader Equity market. Fixed Income activity was perfectly in line with recent averages, while most other asset classes saw below-average interest.

Asset Class Volume 30D Avg. % of 30D Avg.
Equity $133.88B $161.40B 83%
Fixed Income $27.76B $27.75B 100%
Commodities $10.00B $6.52B 153%
Digital Asset $8.78B $4.24B 207%
Currencies $51.8M $104.4M 50%
Alternatives $662.8M $725.7M 91%
Non-Traditional $36.60B $43.65B 84%
Multi-Asset $209.3M $219.3M 95%
Total $217.96B $244.61B 89%

Equity

Equity ETFs saw a quiet day, trading $133.88 billion for just 83% of their recent average. Pockets of elevated activity emerged in thematic and sector funds, with Health Innovation (213% ADV), Precious Metals (160% ADV), and Health Care (133% ADV) categories seeing the most outsized interest. The session’s most significant outlier was Avantis U.S. Large Cap Value ETF (AVLV), which traded a massive $1.70 billion, representing an incredible 1,232% of its typical volume. Other notable activity was seen in VanEck Agribusiness ETF (MOO) at 373% of ADV and iShares Core S&P U.S. Growth ETF (IUSG) at 366% of its average.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Equity: Thematic – Health Innovation 213% $263.8M -1.77%
Equity: Thematic – Precious Metals 160% $4.01B +2.06%
Equity: Sector – Health Care 133% $4.77B -1.99%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
AVLV Avantis U.S. Large Cap Value ETF 1,232% $1.70B -0.65%
FVAL Fidelity Value Factor ETF 726% $28.0M -0.68%
ILCG iShares Morningstar Growth ETF 724% $46.1M -0.79%
IWL iShares Russell Top 200 ETF 680% $49.8M -0.87%
PTNQ Pacer Trendpilot 100 ETF 676% $20.7M -0.83%
NULG Nuveen ESG Large-Cap Growth ETF 569% $26.8M -0.60%
NULV Nuveen ESG Large-Cap Value ETF 565% $19.5M -0.71%
EQWL Invesco S&P 100 Equal Weight ETF 478% $45.6M -0.84%
MOO VanEck Agribusiness ETF 373% $54.3M +1.67%
IUSG iShares Core S&P U.S. Growth ETF 366% $322.5M -0.77%

Fixed Income

Fixed Income trading was perfectly balanced, with $27.76 billion in volume matching its 30-day average at 100% activity. Category-level interest was modestly elevated in Government Intermediate (136% ADV), Single State Municipals (127% ADV), and Multisector funds (127% ADV). Individual fund activity was highlighted by several significant outliers, led by the Fidelity Low Duration Bond Factor ETF (FLDR), which traded 1,107% of its average volume. Other funds with notable turnover included Capital Group U.S. Multi-Sector Income ETF (CGMS) at 625% ADV and iShares Short Duration Bond Active ETF (NEAR) at 602% ADV.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Fixed Income: Taxable – Government Intermediate 136% $843.6M -0.20%
Fixed Income: Municipal – Single State 127% $139.8M -0.13%
Fixed Income: Taxable – Multisector 127% $491.6M -0.25%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
FLDR Fidelity Low Duration Bond Factor ETF 1,107% $122.0M -0.00%
CGMS Capital Group U.S. Multi-Sector Income ETF 625% $175.8M -0.31%
NEAR iShares Short Duration Bond Active ETF 602% $147.9M -0.04%
GMUB Goldman Sachs Municipal Income ETF 593% $17.9M -0.31%
MTBA Simplify MBS ETF 581% $35.3M -0.20%
FIIG First Trust Intermediate Duration Investment Grade Corporate ETF 417% $10.7M -0.39%
ISHG iShares 1-3 Year International Treasury Bond ETF 417% $16.5M +0.07%
EAGG iShares ESG Aware US Aggregate Bond ETF 397% $66.0M -0.32%
VTEL Vanguard Long-Term Tax-Exempt Bond ETF 375% $15.3M -0.15%
CORB AB Core Bond ETF 350% $12.1M -0.24%

Commodities

Commodities were a focal point of activity, trading $10.00 billion, or a robust 153% of average daily volume. The surge was driven by intense interest in Precious Metals, where the category saw 174% of its typical turnover, and a massive spike in Shipping Freight funds, which traded at 284% of their ADV. This was reflected in the most active tickers, with SPDR Gold Shares (GLD) trading $5.64 billion (180% ADV) and iShares Silver Trust (SLV) trading $1.44 billion (177% ADV).

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Commodity: Specialty – Shipping Freight 284% $168.6M +2.95%
Commodity: Focused – Precious Metals 174% $8.77B +0.73%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
PPLT abrdn Physical Platinum Shares ETF 266% $85.6M +1.15%
BAR GraniteShares Gold Shares 186% $14.3M +0.36%
IAU iShares Gold Trust 186% $758.0M +0.22%
GLD SPDR Gold Shares 180% $5.64B +0.22%
SLV iShares Silver Trust 177% $1.44B +2.61%
DBA Invesco DB Agriculture Fund 171% $38.4M +0.30%
OUNZ VanEck Merk Gold ETF 161% $38.9M +0.45%
SIVR abrdn Physical Silver Shares ETF 160% $100.7M +2.65%
IAUM iShares Gold Trust Micro ETF of Benef Interest 159% $142.3M +0.21%
PDBA Invesco Agriculture Commodity Strategy No K-1 ETF 156% $4.7M +0.42%

Digital Asset

Digital Asset ETFs were the session’s standout, exploding with $8.78 billion in volume, a remarkable 207% of the 30-day average. The rally was broad-based across the crypto space, led by Ethereum-focused funds (347% ADV), Altcoin products (336% ADV), and Bitcoin ETFs (182% ADV). Ticker activity was immense, with iShares Bitcoin Trust (IBIT) trading $4.26 billion (305% ADV) and iShares Ethereum Trust ETF (ETHA) seeing $1.46 billion in turnover (337% ADV). The most extreme outlier was the Bitwise XRP ETF (XRP), which saw volume spike to 1,109% of its daily average.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Digital Asset: Cryptocurrency – Ethereum 347% $1.94B +10.55%
Digital Asset: Cryptocurrency – Altcoin 336% $281.1M +7.72%
Digital Asset: Cryptocurrency – Bitcoin 182% $6.56B +6.09%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
XRP Bitwise XRP ETF 1,109% $81.2M +15.96%
ETH Grayscale Ethereum Staking Mini ETF 522% $185.6M +10.56%
FETH Fidelity Ethereum Fund ETF 361% $107.4M +10.75%
ETHE Grayscale Ethereum Staking ETF 354% $96.2M +10.41%
ETHA iShares Ethereum Trust ETF 337% $1.46B +10.26%
IBIT iShares Bitcoin Trust ETF 305% $4.26B +6.20%
ETHB iShares Staked Ethereum Trust ETF 303% $23.8M +10.61%
BITB Bitwise Bitcoin ETF Trust 277% $105.8M +6.26%
EZBC Franklin Bitcoin ETF 256% $10.9M +6.28%
GBTC Grayscale Bitcoin Trust ETF 247% $206.5M +6.17%

Currencies

Currency ETF activity was deeply subdued, with total volume of just $51.8 million representing only 50% of the 30-day average. Trading was quiet across the board, with the only notable fund being the Invesco CurrencyShares Swiss Franc Trust (FXF), which traded at a modestly elevated 183% of its typical volume.

High-Volume Categories

No items met the inclusion criteria for this session.

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
FXF Invesco CurrencyShares Swiss Franc Trust 183% $5.5M -0.41%

Alternatives

The Alternatives space saw a quiet session with trading volume of $662.8 million, or 91% of its recent daily average. There were no categories or individual tickers with significantly outsized activity to note.

High-Volume Categories

No items met the inclusion criteria for this session.

High-Activity Ticker Outliers

No items met the inclusion criteria for this session.

Non-Traditional

Non-Traditional ETFs posted below-average volume of $36.60 billion, or 84% of their 30-day ADV. However, this figure masks a significant concentration of activity in crypto-linked products. The Leverage and Inverse Crypto category was extremely active, trading at 301% of its average. This was driven by funds like 2x Ether ETF (ETHU) at 436% ADV and Volatility Shares 2x Bitcoin ETF (BITX) at 356% ADV, reinforcing the day’s dominant crypto theme.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Non-Traditional: Leverage | Inverse – Crypto 301% $1.23B +10.71%
Non-Traditional: Leverage | Inverse – Commodity 140% $1.10B +0.63%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
ETHU 2x Ether ETF 436% $366.8M +20.71%
BITX Volatility Shares 2x Bitcoin ETF 356% $353.5M +12.52%
BITU ProShares Ultra Bitcoin ETF 328% $124.6M +12.53%
MSTU T-Rex 2X Long MSTR Daily Target ETF 277% $590.3M +15.77%
OVL Overlay Shares Large Cap Equity ETF 251% $20.7M -0.37%
CONL GraniteShares 2x Long COIN Daily ETF 239% $216.4M +16.39%
GDXU MicroSectors Gold Miners 3X Leveraged ETN 237% $365.8M +6.78%
AGQ ProShares Ultra Silver 221% $324.3M +5.24%
UGL ProShares Ultra Gold 216% $207.0M +0.44%
CONY YieldMax COIN Option Income Strategy ETF 214% $13.7M +5.43%

Multi-Asset

Trading in Multi-Asset ETFs was muted, totaling $209.3 million for 95% of the 30-day average daily volume. The session was broadly unremarkable for the asset class, with the State Street Multi-Asset Real Return ETF (RLY) being the only fund to see activity approach double its norm, at 196% of ADV.

High-Volume Categories

No items met the inclusion criteria for this session.

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
RLY State Street Multi-Asset Real Return ETF 196% $13.4M +0.40%

Single-Stock Volume

Single-stock activity was marked by several dramatic, high-volume moves. Moderna, Inc. (MRNA) was the standout, trading an enormous $12.71 billion, or 893% of its average, as its shares fell -23.17%; the stock is a constituent in 221 ETFs. Similarly, Advance Auto Parts, Inc. (AAP) saw 777% of its normal volume on a -24.93% price drop. Tying into the day’s primary theme, crypto-exposed stocks were also highly active, with Strategy Inc Class A (MSTR) and Coinbase Global, Inc. Class A (COIN) trading 295% and 238% of their respective averages. Walmart Inc. (WMT), a widely held name across 475 ETFs, also saw elevated turnover at 334% of its ADV.

High-Activity Single Stocks (vs 30-Day ADV)

Stock Name Activity vs ADV $ Volume 1D Return ETFs Holding
MRNA Moderna, Inc. 893% $12.71B -23.17% 221
AAP Advance Auto Parts, Inc. 777% $680.1M -24.93% 105
MFC Manulife Financial Corporation 583% $522.1M -2.18%
TEM Tempus AI, Inc. Class A 472% $1.28B +8.15% 87
VIK Viking Holdings Ltd 335% $762.9M -1.34% 105
WMT Walmart Inc. 334% $7.91B -9.04% 475
MSTR Strategy Inc Class A 295% $4.82B +7.84% 177
DE Deere & Company 284% $1.77B +7.48% 338
DKS Dick's Sporting Goods, Inc. 269% $702.6M -6.24% 169
BABA Alibaba Group Holding Limited Sponsored ADR 264% $3.52B +1.12% 90
MTD Mettler-Toledo International Inc. 253% $543.2M -2.25% 252
AU Anglogold Ashanti PLC 248% $521.9M +5.64% 154
COIN Coinbase Global, Inc. Class A 238% $2.79B +7.90% 260
AEM Agnico Eagle Mines Limited 234% $1.08B +1.89% 14
BMNR BitMine Immersion Technologies Inc 228% $1.29B +6.27% 66

Disclaimer: This AI-assisted commentary is for informational purposes only. The “High-Volume Categories” table includes categories with over $100M in volume and activity at least 125% of their 30-day average, limited to the top 5 by activity percentage. The “High-Activity Ticker Outliers” table shows the top 10 ETFs from each asset class, sorted by the highest trading activity versus their 30-day average. All reported ETFs have AUM over $250M and an ADV greater than $2.5M.

Disclosures: This material is for informational purposes only and should not be considered investment advice. All investments, including ETFs, involve risk, including the possible loss of principal. Investors should consider their investment objectives, risks, charges, and expenses carefully before investing.

This analysis was developed by the team at ETF Action. We leverage advanced AI tools to assist in the drafting and refinement of our content, based on our expert prompts, direction, and final review.