ETF Market Pulse

The market saw a risk-on rotation into Bitcoin, US Growth, and Gold, while EM equities experienced outflows. Notably, Bitcoin mining ETFs lagged behind the underlying asset due to concerns over operational economics.

Key Takeaways

• 1.The market exhibited a selective risk-on bias with strong momentum in Bitcoin, US Growth, and Gold, while EM equities and commodities lagged.
• 2.Bitcoin miner ETFs underperformed the underlying Bitcoin asset, reflecting negative sentiment toward the operational business model post-halving.

Table of Contents

• ETF Market Pulse
• Risk-On Leadership Rotates Toward Bitcoin and US Growth, With Gold Joining the Rally as EM Equities Break Down
• A Clear Momentum Rotation: Bitcoin and Gold Break Out, EM Equities Break Down
• Risk-On Rotation Accelerates as Return Distributions Break to the Right
• Cloud and Cybersecurity Lead the Pack, While Bitcoin Mining ETFs Sink to the Bottom
• Bitcoin Leads the Aggressive Charge, While EM Equities Remain Trapped in Inefficient Territory

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