Digital Assets Defy Muted Market as Overall Volume Slips

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Macro Summary

Total ETF market volume registered a subdued $192.54 billion, representing just 80% of the 30-day average daily volume. The session was characterized by broadly lower-than-average activity across most asset classes, with equities trading at a particularly quiet 74% of their recent norm. The notable exception was the Digital Asset space, which was the only major category to see above-average turnover, trading at 129% of its 30-day ADV and providing the day’s primary pocket of investor engagement.

Asset Class Volume 30D Avg. % of 30D Avg.
Equity $117.44B $158.39B 74%
Fixed Income $26.06B $28.26B 92%
Commodities $6.04B $7.28B 83%
Digital Asset $5.92B $4.58B 129%
Currencies $59.5M $99.4M 60%
Alternatives $562.5M $713.5M 79%
Non-Traditional $36.23B $42.08B 86%
Multi-Asset $223.4M $218.9M 102%
Total $192.54B $241.63B 80%

Equity

Equity ETFs saw a quiet day, with total volume reaching $117.44 billion, or just 74% of the 30-day average. Despite the overall lull, specific pockets of the market saw intense interest. The Health Innovation thematic category was a standout, trading at 132% of its average. Individual fund activity was led by broad market and tech ETFs, including State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPTM) at 675% of its ADV and State Street SPDR NYSE Technology ETF (XNTK) at 617%. Cybersecurity also drew heavy flows, with Amplify Cybersecurity ETF (HACK) trading 302% of its usual volume alongside a +8.25% gain.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Equity: Thematic – Health Innovation 132% $209.2M +0.10%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF 675% $254.4M +0.61%
XNTK State Street SPDR NYSE Technology ETF 617% $123.7M +2.00%
DSI iShares ESG MSCI KLD 400 ETF 413% $60.8M +1.23%
EPOL iShares MSCI Poland ETF 367% $62.7M -2.54%
FNDA Schwab Fundamental U.S. Small Company ETF 349% $63.0M -0.03%
IYF iShares U.S. Financials ETF 337% $188.2M -0.49%
SPGM State Street SPDR Portfolio MSCI Global Stock Market ETF 326% $25.0M +0.43%
HACK Amplify Cybersecurity ETF 302% $81.4M +8.25%
TVAL T. Rowe Price Value ETF 301% $10.2M -0.56%
IHE iShares U.S. Pharmaceuticals ETF 291% $77.6M -1.15%

Fixed Income

Fixed Income ETFs traded $26.06 billion, a slightly below-average session at 92% of the 30-day ADV. The primary driver of activity was a clear focus on short-duration government debt, with the Government Short and Government Intermediate categories trading at 274% and 209% of their respective averages. This theme was reflected in the most active funds, as Vanguard Short-Term Treasury ETF (VGSH) saw 450% of its average volume on $1.16 billion traded, and Schwab Short-Term US Treasury ETF (SCHO) saw 407% on $478.4 million. Smaller funds like Northern Trust Ultra-Short Fixed Income ETF (RAVI) and Northern Trust Credit-Scored US Corporate Bond ETF (SKOR) experienced extreme turnover, at 746% and 733% of their norms, respectively.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Fixed Income: Taxable – Government Short 274% $2.01B -0.05%
Fixed Income: Taxable – Government Intermediate 209% $1.63B -0.09%
Fixed Income: Taxable – Emerging 183% $113.1M -0.04%
Fixed Income: Taxable – Multisector 127% $489.6M -0.03%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
RAVI Northern Trust Ultra-Short Fixed Income ETF 746% $32.9M -0.01%
SKOR Northern Trust Credit-Scored US Corporate Bond ETF 733% $19.0M +0.01%
FPEI First Trust Institutional Preferred Securities & Income ETF 660% $43.9M -0.13%
STPZ PIMCO 1-5 Year US TIPS Index Exchange-Traded Fund 592% $18.6M -0.05%
IBDV iShares iBonds Dec 2030 Term Corporate ETF 563% $65.4M -0.07%
VGSH Vanguard Short-Term Treasury ETF 450% $1.16B -0.01%
SCHO Schwab Short-Term US Treasury ETF 407% $478.4M +0.02%
FTRB Federated Hermes Total Return Bond ETF 391% $13.4M +0.02%
DBND DoubleLine Opportunistic Core Bond ETF 389% $13.8M -0.07%
NBSD Neuberger Short Duration Income ETF 367% $34.1M -0.01%

Commodities

Commodity ETFs posted a below-average session with $6.04 billion in total volume, 83% of the 30-day ADV. Despite the muted headline number, specific sectors were highly active. Shipping Freight ETFs saw turnover at 291% of their average, while Agriculture-focused funds traded at 265% of their norm. This was evident in individual fund flows, where USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI) traded an exceptional 840% of its typical volume. Agriculture funds also saw heavy interest, with Invesco DB Agriculture Fund (DBA) and Teucrium Wheat Fund (WEAT) trading 301% and 293% of their respective averages.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Commodity: Specialty – Shipping Freight 291% $233.3M +8.90%
Commodity: Focused – Agriculture 265% $140.3M +0.52%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
SDCI USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund 840% $42.2M +0.83%
GSG iShares S&P GSCI Commodity Indexed Trust 419% $64.1M +1.20%
PDBA Invesco Agriculture Commodity Strategy No K-1 ETF 349% $10.2M +0.89%
DBA Invesco DB Agriculture Fund 301% $71.1M +0.84%
WEAT Teucrium Wheat Fund 293% $41.6M +0.50%

Digital Asset

Digital Asset ETFs were the clear center of market activity, trading a robust $5.92 billion, or 129% of their 30-day average. The surge was led by strong interest in altcoins, where the category volume reached 342% of its norm, and Ethereum, which traded at 183% of its average. The largest fund in the space, iShares Ethereum Trust ETF (ETHA), traded over $1 billion at 192% of its ADV. Smaller altcoin funds saw even more dramatic spikes in activity, including Zcash ETF (ZCSH) at 656% of its average and Bitwise Solana Staking ETF (BSOL) at 420% of its ADV.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Digital Asset: Cryptocurrency – Altcoin 342% $397.1M +6.14%
Digital Asset: Cryptocurrency – Ethereum 183% $1.32B +1.17%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
ZCSH Zcash ETF 656% $23.2M +4.53%
XRPC Canary XRP ETF 501% $14.2M +5.67%
BSOL Bitwise Solana Staking ETF 420% $126.4M +12.52%
XRPZ Franklin XRP ETF 341% $16.7M +5.04%
XRP Bitwise XRP ETF 295% $49.3M +5.25%
FETH Fidelity Ethereum Fund ETF 217% $79.4M +1.18%
ETHA iShares Ethereum Trust ETF 192% $1.08B +1.09%
HODL VanEck Bitcoin ETF 177% $37.2M +1.76%
ETHB iShares Staked Ethereum Trust ETF 166% $15.8M +1.10%

Currencies

Currency ETFs experienced a very quiet session, with total volume of just $59.5 million, representing only 60% of the 30-day average daily volume. No specific categories or individual tickers registered noteworthy activity relative to their recent trading patterns.

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.

Alternatives

The Alternatives category saw a subdued trading day, with total volume reaching $562.5 million, or 79% of its 30-day average. Activity was broadly in line with recent trends, and no specific categories or funds stood out for unusually high turnover.

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 saw a relatively calm session, trading $36.23 billion, or 86% of their 30-day average. The primary area of interest was in leveraged and inverse crypto products, which traded at 152% of their average volume, echoing the broader strength in digital assets. Leveraged single-stock ETFs focused on NVIDIA were exceptionally active, with GraniteShares 2x Long NVDA Daily ETF (NVDL) trading a massive $1.84 billion at 450% of its ADV. Similarly, Defiance Daily Target 2x Long MSTR ETF (MSTX) saw volume spike to 242% of its average, reflecting heightened speculative interest in crypto-related equities.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Non-Traditional: Leverage | Inverse – Crypto 152% $802.9M +5.81%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
NVDL GraniteShares 2x Long NVDA Daily ETF 450% $1.84B +16.04%
NVDU Direxion Daily NVDA Bull 2X ETF 425% $173.3M +16.08%
NVDX T-Rex 2X Long NVIDIA Daily Target ETF 382% $409.5M +16.21%
MSTX Defiance Daily Target 2x Long MSTR ETF 242% $187.6M +23.92%
SSO ProShares Ultra S&P 500 236% $443.8M +1.17%
BMNU T-REX 2X Long BMNR Daily Target ETF 235% $120.2M +6.38%
RSPA Invesco S&P 500 Equal Weight Income Advantage ETF 231% $29.8M -0.31%
AIPI REX AI Equity Premium Income ETF 216% $10.5M +3.46%
MSTY YieldMax MSTR Option Income Strategy ETF 203% $40.3M +7.17%
QYLD Global X NASDAQ 100 Covered Call ETF 189% $135.4M +0.60%

Multi-Asset

Multi-Asset ETFs traded a total of $223.4 million, almost perfectly in line with their 30-day average at 102% of normal volume. Activity was generally balanced across the category, though a couple of funds saw elevated interest. State Street Bridgewater All Weather ETF (ALLW) traded at 217% of its average, while WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE) saw turnover reach 167% of its norm.

High-Volume Categories

No items met the inclusion criteria for this session.

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
ALLW State Street Bridgewater All Weather ETF 217% $35.5M +0.16%
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund 167% $9.4M +0.40%

Single-Stock Volume

Single-stock activity was dominated by explosive, news-driven moves in the technology and software sectors. Salesforce, Inc. (CRM) saw immense turnover of $13.44 billion, a staggering 574% of its 30-day average, following a +22.62% price surge. Similarly, Okta, Inc. Class A (OKTA) traded 668% of its usual volume. Megacap NVIDIA Corporation (NVDA), a constituent in 847 ETFs, continued to see heavy trading with nearly $60 billion changing hands, 236% of its ADV. The crypto-related theme also appeared here, as Strategy Inc Class A (MSTR) traded $5.34 billion, or 256% of its average, amid a +11.89% gain.

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

Stock Name Activity vs ADV $ Volume 1D Return ETFs Holding
OKTA Okta, Inc. Class A 668% $2.68B +28.21% 224
JAZZ Jazz Pharmaceuticals Public Limited Company 579% $1.16B +0.71% 185
CRM Salesforce, Inc. 574% $13.44B +22.62% 440
PURR Hyperliquid Strategies, Inc 465% $534.9M +14.08% 28
VEEV Veeva Systems Inc. Class A 399% $1.41B +15.13% 302
BURL Burlington Stores, Inc. 378% $1.07B -7.47% 188
ANF Abercrombie & Fitch Co. Class A 335% $617.6M -1.03% 156
CRWD CrowdStrike Holdings, Inc. Class A 301% $4.94B +20.18% 434
HPQ HP Inc. 283% $1.13B -3.70% 313
DG Dollar General Corporation 279% $735.9M +2.62% 283
MSTR Strategy Inc Class A 256% $5.34B +11.89% 181
P Everpure, Inc. Class A 253% $693.9M -8.41% 203
BBY Best Buy Co., Inc. 237% $682.0M -4.27% 313
NVDA NVIDIA Corporation 236% $59.70B +8.27% 847
RBRK Rubrik, Inc. Class A 228% $573.6M +6.53% 127

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.