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Physical Gold ETPs See Largest Inflows in 17 Months
- Physical Gold ETPs See Largest Inflows in 17 Months. Bargain hunting continues to attract investors to wheat
- ETFS Corn (CORN) saw highest inflows since March 2014
- Long natural gas ETPs received US$5.8mn last week, marking the strongest monthly flows since November 2013
- Investors took profit on ETFS Daily Leveraged Coffee (LCFE), redeeming US$4.2mn, after prices rallied 9.4% in a week
Investors bought ETFS Physical gold ETPs at the highest pace in 17 months as geopolitical risks continued to rise and Argentina approached sovereign default again. The European Union and US have increased sanctions on the Russian economy reflecting the growing animosity between the world’s super-powers. That has led to growing demand for haven assets. Standard and Poor’s, the rating agency, declared Argentina in default after it had missed a deadline for paying interest on $13 billion of restructured bonds, which my lead to further demand for defensive assets. The US posted a strong economic recovery in Q2 2014, growing 4.0% year-on-year after the weather disrupted Q1 2014 growth. Stronger US growth combined with a rebound in Chinese data and more decisive monetary stimulus in the euro area should continue to be supportive of commodity prices – metals in particular – in the coming months.
Physical gold ETPs saw their highest inflows since March 2013
After such a long stretch of equity market outperformance, many investors appear to be protecting themselves against rising geopolitical risk by adding perceived defensive assets such as gold to their portfolios. Last week when the gold price fell 0.6%, investors used the opportunity to add to allocations, with US$106.4mn flowing into physical gold ETPs (US$109.6mn into all long gold ETPs).
Bargain hunting continues to attract investors to wheat. ETFS Wheat (WEAT) and ETFS Leveraged Wheat (LWEA) respectively received their 11th and 12th consecutive week of inflows. Wheat prices fell to their lowest level since 2009 about two weeks ago. Since then, a modest uptick in prices has continued to drive flows in wheat ETPs. The USDA’s crop progress report shows that the harvest is progressing well in the US, but there have been relatively few upside production forecast changes in recent weeks, adding to price stability. WEAT received US$4.7mn of inflows while LWEA received US$2.8mn last week.
ETFS Corn (CORN) saw highest inflows since March 2014
With prices having fallen to their lowest since 2010, inflows into CORN increased to US$3.7mn, marking three consecutive weeks of inflows. While the USDA crop report indicates continued improvement to yield and excellent progress in crop development, many investors feel that prices are now closer to a trough.
Long natural gas ETPs received US$5.8mn last week, marking the strongest monthly flows since November 2013. As prices slipped 0.2% last week (13.8% over the month), investors built positions. Although natural gas usage in electricity production usually increases in the summer months due to higher demand for air conditioning, relatively mild weather in many states has led to lower demand for natural gas this season compared to normal. However, abrupt weather changes could reverse this trend and with gas storage levels significantly below normal, many investors are positioned for a snap-back in prices.
Investors took profit on ETFS Daily Leveraged Coffee (LCFE), redeeming US$4.2mn, after prices rallied 9.4% in a week. Reports of colder and rainier weather in Brazil, which produces 45% of the world’s Arabica coffee crop led to strong price gains. Excess rain has the potential to stall the harvest which is underway and the cold could lead to frost damage. However the forecast is for drier and warmer weather now, prompting the profit taking.
Key events to watch this week
Policy meetings at the Reserve Bank of Australia and Bank of England will likely be the focal point of market attention, while the evolving conflicts in Ukraine and Gaza and the debt crisis in Argentina will also captivate the investor interest.
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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