Strong Bitcoin Volumes Continue, Along with Commodity Metals

Macro Summary

Total ETF market volume reached $246.7B today, trading at 104% of its 30-day average. The day’s activity was overwhelmingly concentrated in the Digital Asset space, which saw volumes surge to 169% of its recent average. This spike was driven almost entirely by heavy turnover in Bitcoin-focused ETFs, where trading activity more than doubled its 30-day average. Elsewhere, Non-Traditional products, particularly leveraged and inverse single-stock funds, also saw elevated volumes, while the Commodity complex was active, trading at 131% of its average, propelled by interest in precious and industrial metals.

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Equity

The Equity asset class traded $162.3B, a quiet session at 99% of its 30-day average volume. Pockets of activity emerged in defensive and growth-oriented corners of the market. Health Care was notably active, trading at 152% of its average, with significant turnover in broad sector funds like VHT and IBB. U.S. Small Cap Growth also saw a surge to 199% of its average volume, largely driven by heavy trading in VTWG and IWO. Thematic funds focused on Natural Resources and FinTech also showed above-average interest, with tickers like REMX and STCE standing out.

High-Volume Categories (>$100M Traded)

High-Activity Ticker Outliers

Fixed Income

The Fixed Income asset class saw subdued trading, with total volume reaching $23.3B, or 85% of its 30-day average. Despite the overall quiet tone, specific categories showed significant life. International bonds were highly active at 208% of their average, driven by heavy turnover in BWZ and BWX. Convertible bonds also saw a surge to 180% of average, led by ICVT. Additionally, Bank Loans traded at a brisk 148% of their average volume, with an exceptional spike in FLBL, which traded over 12 times its normal volume.

High-Volume Categories (>$100M Traded)

High-Activity Ticker Outliers

Commodities

The Commodity complex saw elevated trading, with $9.8B in volume, or 131% of its 30-day average. The majority of the action was concentrated in Precious Metals, which traded at 130% of its norm, led by heavy turnover in the silver trust SLV. Industrial Metals also experienced a significant volume spike to 250% of their average, largely driven by strong interest in the copper fund CPER. Energy-focused commodity ETFs also saw above-average activity at 143% of their typical volume.

High-Volume Categories (>$100M Traded)

High-Activity Ticker Outliers

Crypto

The Digital Asset class was the center of market activity, with volumes surging to $10.3B, representing 169% of its 30-day average. The intense focus was on Bitcoin ETFs, where the category’s volume exploded to 209% of its recent average. This was a broad-based surge, with nearly all spot bitcoin ETFs seeing heightened turnover, highlighted by significant activity in HODL, EZBC, and the high-volume trust GBTC. Ethereum ETFs were more subdued but still saw healthy trading volumes.

High-Volume Categories (>$100M Traded)

High-Activity Ticker Outliers

Currencies

The Currency asset class had a very quiet session with total volume of $59.4M, representing 87% of its 30-day average. There were no significant category or ticker-level outliers to report.

High-Volume Categories (>$100M Traded)

High-Activity Ticker Outliers

Alternatives

The Alternatives asset class traded $814.5M, or 92% of its 30-day average volume. The standout story within this space was a significant surge in Managed Futures strategies, which traded at 273% of their average volume. This activity was almost entirely driven by heavy turnover in DBMF, which traded over four times its normal daily volume.

High-Volume Categories (>$100M Traded)

High-Activity Ticker Outliers

Non-Traditional

The Non-Traditional asset class was highly active, trading $40.0B in volume, or 130% of its 30-day average. The primary driver was the Leverage & Inverse category, which saw elevated turnover across Equity, Commodity, and especially Single Stock sub-categories. Synthetic Income funds also contributed, with Single Stock option income strategies showing notable activity. High-activity tickers were widespread and included TSYY, which traded 4.5 times its average volume, along with BULZ and IGLD.

High-Volume Categories (>$100M Traded)

High-Activity Ticker Outliers

Multi-Asset

The Multi-Asset class saw above-average volume, trading $147.3M, or 115% of its 30-day average. The heightened activity was concentrated in the Global Macro category, which traded at 190% of its recent average. This was largely driven by notable interest in ALLW.

High-Volume Categories (>$100M Traded)

High-Activity Ticker Outliers