Crypto Volume Jumps 159% in Sharp Sell-off; Fixed Income Core Bonds Trade 245% Above Average

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Macro Summary

Total market volume finished the day at $290.8B, trading at 105% of its 30-day average. While overall market activity was only slightly elevated, this modest figure masks an extraordinary surge in niche areas. The most significant activity was seen in the Equity: Emerging Small | Mid Cap category, which traded a stunning 1306% of its 30-day average volume as the category fell 1.54%. This was followed by heavy turnover in Equity: Region – Asia-Pacific Emerging (594% vs. avg, -1.85%) and Non-Traditional: Buffer – Crypto (357% vs. avg, -2.41%). The Digital Asset class as a whole was also a major focus, trading at 159% of its average as it declined 6.48% on the day.

Asset Class Summary

Asset Class Volume 30D Avg. % of 30D Avg.
Equity $188.9B $182.8B 103%
Fixed Income $37.1B $30.0B 124%
Commodities $7.5B $13.7B 55%
Crypto $13.3B $8.4B 159%
Currencies $76.2M $74.8M 102%
Alternatives $1.6B $1.4B 115%
Non-Traditional $42.2B $39.5B 107%
Multi-Asset $211.1M $175.0M 121%

Equity

Equity markets traded $188.9B, posting activity 103% of the 30-day average. The most significant activity was seen in the Equity: Emerging Small | Mid Cap category, which traded 1306% of its average volume (closing -1.54%). Other high-volume categories included Equity: Region – Asia-Pacific Ex-Japan (216% vs avg, -1.66%) and Equity: Sector – Materials (164% vs avg, -1.22%). At the ticker level, this was driven by exceptional turnover in EUFN (1035% vs avg, -0.72%) from the Financials sector, and EEMA (772% vs avg, -1.95%) in the regional emerging markets space.

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Equity: Sector – Industrial 130% $2.5B -1.55%
Equity: Sector – Consumer Staples 137% $1.4B +0.30%
Equity: Sector – Materials 164% $962.8M -1.22%
Equity: Global Ex-U.S. Large Cap – Value 136% $631.1M -0.90%
Equity: Region – Asia-Pacific Ex-Japan 216% $201.9M -1.66%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
EUFN iShares MSCI Europe Financials ETF 1035% $400.0M -0.72%
EEMA iShares MSCI Emerging Markets Asia ETF 772% $37.0M -1.95%
PXH Invesco RAFI Emerging Markets ETF 713% $28.0M -1.19%
ILCG iShares Morningstar Growth ETF 693% $41.2M -1.75%
EWQ iShares MSCI France ETF 422% $51.3M -1.30%
BKGI BNY Mellon Global Infrastructure Income ETF 418% $12.0M -0.48%
SCHC Schwab International Small-Cap Equity ETF 417% $57.0M -1.58%
FNCL Fidelity MSCI Financials Index ETF 405% $34.4M +0.41%
JPEF JPMorgan Equity Focus ETF 400% $24.1M -1.05%
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 382% $24.5M -1.49%

Fixed Income

Fixed Income saw elevated activity, trading $37.1B, or 124% of its 30-day average. This was dominated by heavy trading in core and corporate bond categories. Fixed Income: Taxable – Core led the way, trading 245% of its average (closing +0.08%), followed by Fixed Income: Taxable – Corporate (164% vs avg, +0.09%). Specific tickers driving this activity include VCRB (1099% vs avg, +0.04%) and CGCB (798% vs avg, +0.21%), both from the high-volume Taxable – Core category.

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Fixed Income: Taxable – Corporate 164% $8.5B +0.09%
Fixed Income: Taxable – Core 245% $4.7B +0.08%
Fixed Income: Taxable – Inflation Protected 133% $803.5M +0.07%
Fixed Income: Taxable – Long-Term 157% $803.3M +0.23%
Fixed Income: Taxable – Preferred Stock 139% $303.0M -0.24%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
VCRB Vanguard Core Bond ETF 1099% $286.0M +0.04%
CGCB Capital Group Core Bond ETF 798% $170.5M +0.21%
XFIV BondBloxx Bloomberg Five Year Target Duration US Treasury ETF 795% $34.2M +0.08%
FLMI Franklin Dynamic Municipal Bond ETF 481% $46.2M +0.14%
RAVI FlexShares Ultra-Short Income Fund 451% $14.7M +0.01%
IVOL KraneShares Quadratic Interest Rate Volatility and Inflation Hedge ETF 418% $31.0M -0.34%
APLU Allspring Core Plus ETF 361% $9.9M +0.22%
AGG iShares Core U.S. Aggregate Bond ETF 334% $2.9B +0.06%
XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF 313% $15.5M -0.38%
IBND SPDR Bloomberg International Corporate Bond ETF 267% $15.3M -0.27%

Commodities

Commodities saw a very quiet day, trading $7.5B, which was only 55% of its 30-day average. No categories met the high-volume criteria. The only notable activity was in the broad market space, with HGER trading 368% of its average volume (closing -1.05%).

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
No categories met the high-volume criteria.

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
HGER Harbor Commodity All-Weather Strategy ETF 368% $78.4M -1.05%

Crypto

The Digital Asset class was a major focus, trading $13.3B, or 159% of its 30-day average, as the asset class saw significant declines. Activity was concentrated in the two major categories: Digital Asset: Cryptocurrency – Ethereum (162% vs avg, -9.61%) and Digital Asset: Cryptocurrency – Bitcoin (158% vs avg, -4.90%). This was reflected in the high-activity tickers, with ARKB (196% vs avg, -5.64%) and FBTC (195% vs avg, -5.68%) leading the Bitcoin-related funds.

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Digital Asset: Cryptocurrency – Bitcoin 158% $9.3B -4.90%
Digital Asset: Cryptocurrency – Ethereum 162% $3.8B -9.61%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
ARKB ARK 21Shares Bitcoin ETF 196% $273.3M -5.64%
FBTC Fidelity Wise Origin Bitcoin Fund 195% $1.1B -5.68%
BRRR Coinshares Bitcoin ETF 192% $28.8M -5.71%
ETHE Grayscale Ethereum Trust ETF 171% $353.8M -10.85%
ETHA iShares Ethereum Trust ETF 170% $2.8B -10.77%

Currencies

Currencies traded $76.2M, a normal session at 102% of its 30-day average. No categories met the high-volume criteria, and there were no high-activity ticker outliers for this asset class.

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
No categories met the high-volume criteria.

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
No high-activity ticker outliers for this asset class.

Alternatives

Alternatives traded $1.6B, seeing moderately elevated activity at 115% of its 30-day average. No categories met the high-volume criteria. The only significant outlier was FLSP from the Multi-Strategy category, which traded 657% of its average (closing -0.73%).

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
No categories met the high-volume criteria.

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
FLSP Franklin Systematic Style Premia ETF 657% $19.7M -0.73%

Non-Traditional

Non-Traditional products saw $42.2B in volume, trading at 107% of the 30-day average. Activity was focused on cryptocurrency-linked products. The Non-Traditional: Leverage | Inverse – Crypto category traded 150% of its average (and fell 5.20%), while the Non-Traditional: Synthetic Income – Crypto category traded 135% vs. its average (and fell 6.94%). Outlier activity was spread across various categories, with PNOV (255% vs avg, -0.57%) and single-stock leveraged funds like PLTU (247% vs avg, -16.39%) seeing high turnover.

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Non-Traditional: Leverage | Inverse – Crypto 150% $3.3B -5.20%
Non-Traditional: Synthetic Income – Crypto 135% $102.1M -6.94%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
PNOV Innovator U.S. Equity Power Buffer ETF – November 255% $24.1M -0.57%
PLTU Direxion Daily PLTR Bull 2X Shares 247% $457.5M -16.39%
DDM ProShares Ultra Dow30 229% $55.8M -0.96%
PTIR GraniteShares 2x Long PLTR Daily ETF 222% $301.2M -16.83%
PLTW Roundhill PLTR WeeklyPay ETF 217% $35.4M -9.27%
PDEC Innovator U.S. Equity Power Buffer ETF – December 212% $9.3M -0.36%
USD ProShares Ultra Semiconductors 188% $96.8M -7.93%
FEPI REX FANG & Innovation Equity Premium Income ETF 186% $12.3M -2.03%
METU Direxion Daily META Bull 2X Shares 182% $287.1M -3.44%
PLTY YieldMax PLTR Option Income Strategy ETF 182% $41.7M -5.96%

Multi-Asset

Multi-Asset funds traded $211.1M, posting volume 121% of the 30-day average. No categories met the high-volume criteria. The only notable outlier was INCM, which traded 258% of its average volume and finished the day -0.38%.

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
No categories met the high-volume criteria.

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
INCM Franklin Income Focus ETF Income Focus ETF 258% $19.1M -0.38%

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 volume. 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.

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