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Gold loses its shine
ETF Securities Commodity ETP Weekly Gold loses its shine
Long gold ETPs witness the largest weekly outflows since inception.
ETFS Daily Leveraged WTI Crude Oil (LOIL) receives largest weekly inflow since 2012.
Dollar strength weighs on platinum price.
Following the recent robust US non-farm payroll reading, the market will be paying close attention to the FOMC’s press statement on Wednesday for any affirmation that the committee intends to raise rates in June. Any such indication will likely send the Euro closer to parity with the Dollar and be bearish for gold. In Europe, monetary policy will remain in the fore as the BOE releases minutes of its latest meeting and the SNB meets to discuss policy. In the UK, George Osborne will reveal his latest budget, which will be an opportunity for the government to impress voters in the run up to the general election in May.
Long gold ETPs witness the largest weekly outflows since inception. US$376.5mn of funds exited ETFS Physical Gold (PHAU) last week amidst a broad market selloff for gold. The robust US payroll reading on the 6th March stoked speculation that the Federal Reserve intends to increase interest rates in its June meeting as the economy continues to display signs of strength. The prospect of higher US rates does not bode well for the precious metal which is itself a zero yielding asset. Since reaching a five month high of over US$1,300/oz in January, the gold price has fallen 11.2% as a series of positive events, including the announcement of a Greek debt deal, has boosted investor confidence. Going forward, bullion will likely find some support from investors outside of the US as central banks globally continue to cut interest rates and expand their respective balance sheets in an effort to combat deflation.
ETFS Daily Leveraged WTI Crude Oil (LOIL) receives largest weekly inflow since 2012. The 11.7% drop in the price of WTI this week has sparked a resurgence of investor interest in US crude as flows into long WTI ETPs hit a 7 week high. Last week’s price decline was prompted by the release of a somewhat bearish report from the Energy Information Administration (EIA) and news that US crude stockpiles are at a record high. The report explained that US crude inventories look set to grow into the second half of 2015, at which point the recent cuts to investment expenditure will take effect and curtail production growth. Long WTI ETPs have experienced the longest streak of inflows to date as bargain hunting investors seek to benefit from the considerable upside to the price from current depressed levels.
Dollar strength weighs on platinum price. The price of platinum fell to US$1,118/oz last week, the lowest level since 2009, prompting the first weekly outflow from long platinum ETPs in six weeks. The price drop was driven by the US Dollar appreciating to multi year highs against major currencies and reduced safe haven demand. At current levels, platinum will likely witness price sensitive demand from China pick-up, which in conjunction with tight supply fundamentals, should aid a price recovery later in the year.
Key events to watch this week. Central banking activity will once again dominate the agenda next week: the upcoming FOMC meeting will clarify if the Fed continues to emphasise patience, which could derail the USD rally, followed by the release of BOE meeting minutes and the SNB interest rate decision. In addition, inflation data from the Eurozone will be monitored for any signs of undesirable deflation.
Video Presentation
Joshpreet Tiwana, Research Analyst at ETF Securities provides an analysis of last week’s performance, flow and trading activity in commodity exchange traded products and a look at the week ahead.
Important Information
This communication has been provided by ETF Securities (UK) Limited (”ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority.
- Michael Saylor’s bold Bitcoin bet and Strategy’s risk analysis
- Bitcoin price technical analysis: Where are the liquidation levels?
- What are real-world assets and why do we need tokenization?
Michael Saylor’s bold Bitcoin bet and Strategy’s risk analysis
Strategy (formerly MicroStrategy) has amassed a staggering $43 billion in Bitcoin, positioning itself at the forefront of the corporate “reserve race.” Under the leadership of Bitcoin maximalist Michael Saylor, the company now boasts an $84 billion market cap. But with such an aggressive strategy, how sustainable is its approach—and what risks lie ahead? We break it down in today’s analysis.
Bitcoin price technical analysis: Where are the liquidation levels?
A drop below $72,000 could flush longs, while a breakout above $90,000 may squeeze shorts. One key positive indicator is that Bitcoin continues to print higher lows since March 10, which preserves a bullish market structure in our view. Dive into our technical analysis.
What are real-world assets and why do we need tokenization?
Imagine owning a slice of a skyscraper or a piece of fine art with just a few clicks. Tokenization, the act of converting ownership rights to real-world assets (RWAs) into tradable tokens, has surpassed $10 billion in on-chain value, unlocking global 24/7 access to once-exclusive markets with liquidity, efficiency, and yield. Find out how it works.
Research Newsletter
Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com
Disclaimer
The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.
Since President Trump appointed Mark Uyeda as acting SEC chair two months ago, many investigations into crypto businesses have been dropped, as the SEC moves away from regulation by enforcement and works to create a framework for digital assets. As regulations become clearer and news flow turns more positive, crypto prices—which dropped sharply this week—should begin to better reflect the new regulatory landscape in the US.
We believe this regulatory shift could ultimately help trigger the next leg of the current bull run, as investors better understand the significance of regulatory clarity and seek to acquire bitcoin and altcoins at what we believe are currently very favorable levels.
Market Highlights
SEC Dismisses Crypto Enforcement Actions
The SEC dropped its enforcement actions against crypto-related companies Kraken, Consensys, and Cumberland DRW.
This indicates a shift in SEC’s regulatory approach, favoring clearer guidelines over enforcement actions. Such a pivot could foster a more predictable environment, encouraging innovation within the sector.
Banks to Engage in Crypto Activities
The FDIC has rescinded previous guidelines which prevented financial institutions from engaging with crypto activities without prior sign-off.
By removing bureaucratic hurdles, banks may more readily offer crypto-related services, potentially leading to broader adoption and integration of digital assets.
Bitcoin ETFs Inflow Streak Surpassed $1 Billion
US spot Bitcoin ETFs have recorded a 10-day inflow streak exceeding $1 billion marking the longest such streak in 2025.
This underscores growing institutional and retail investor confidence in Bitcoin as an asset class that helps increase market stability and possibly paving the way for the approval of other crypto-based financial products.
Market Metrics
All NCITM constituents had negative performance last week, with XRP (-10.8%) and UNI (-10.7%) seeing the steepest declines. ETH also experienced a sharp drop (-9.1%), contributing to NCITM’s underperformance relative to BTC (-2.9%). The NCITM -4.2% decline reflects a broader risk-off sentiment in the crypto market, as investors reassess their positions amid ongoing macroeconomic uncertainties.
NCITM (-4.2%) extended its underperformance last week, deepening year-to-date losses. Traditional indices like the S&P 500 (-1.5%) and Nasdaq 100 (-2.4%) saw smaller declines. The gap between crypto and other risk assets continues to widen, while gold has emerged as the top performer in 2025, gaining nearly 20% amid ongoing macroeconomic uncertainties. This trend highlights a growing risk-off sentiment, with investors shifting toward defensive assets and away from high-volatility investments.
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