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Prepare for Short-Covering Rallies
Commodity ETP Weekly Prepare for Short-Covering Rallies. ETFS Daily Short Gold (SBUL) saw its highest redemption since inception.
Inflows of US$6.8mn for long agricultural ETP baskets indicates that investors see value in grains after falling to their lowest price levels since 2010.
ETFS Daily Leveraged Natural Gas (LNGA) saw US$4.6mn of inflows, the highest in 9 weeks, as storage values came under expectations.
Long nickel ETPs received US$1.4mn of inflows as the Indonesian government reiterated that the ore export ban from will remain.
Bargainhunting investors are beginning to be attracted by lower commodity prices, with positive flows into agricultural baskets and silver signaling a belief that the bottom is near
Nonetheless, most commodity prices continued lower in the past week and softer sentiment in some sectors prompted outflows. Gold remained under pressure last week, with all indications that the Federal Reserve’s policy stance will be tighter in 2015. Ongoing concern over the outlook for China also weighed on the performance of industrial metals and industrially-inclined precious metals. We believe that with speculative shorts across many commodities having risen to multi-period highs, the prospect for short-covering rallies is high. Over the coming weeks, investors are likely to start building long positions with most commodity trading at or near the cost of production.
ETFS Daily Short Gold (SBUL) saw its highest redemption since inception
After a protracted period of building up shorts on gold, investors pulled back as the price of gold approaches our estimated all-in cost of production and the widely watched support level near US$1,200/oz. US$47.7mn flowed out of SBUL, wiping out the seven months of flows into the short product. While investors continued to pare their long gold positions as well, with US$51mn leaving physical gold ETPs last week, taking further bets on a decline in price seems risky at this point.
Inflows of US$6.8mn for long agricultural ETP baskets indicates that investors see value in grains after falling to their lowest price levels since 2010
Marking the highest inflow in 9 weeks, we believe that sentiment is slowly turning. Investors have been buying wheat ETPs for 19 consecutive weeks now and there is a growing sense that all ‘good’ production news has now been priced in. Meanwhile sugar prices bounced up 6.6%, attracting a further US$0.9mn into ETFS Sugar (SUGA), marking 8 consecutive weeks of flows into the ETP. Sugar remains close to a 4-year low as the fifth consecutive year of surplus is expected this year.
ETFS Daily Leveraged Natural Gas (LNGA) saw US$4.6mn of inflows, the highest in 9 weeks, as storage values came under expectations. US natural gas stocks increased by 97 billion cubic feet in the week ending September 19. That compared with an expected increase of about 100 billion cubic feet anticipated by analysts and sent prices 1.6% higher last week. As we approach winter, seasonal demand for natural gas will rise. A failure to build inventory or an unusually cold winter like last year could be key catalysts for sustained price increases.
Long nickel ETPs received US$1.4mn of inflows as the Indonesian government reiterated that the ore export ban will remain. Indonesia, the world’s largest nickel producer, had implemented the ban in January this year and has unusually stuck to it in a bid to develop domestic smelting facilities. Nickel prices nevertheless fell, along with other industrial metals on the back of softer-than-expected PMIs and durable goods data.
Key events to watch this week
US payrolls will be the centre of attention this week as the market judges the capacity of the US economy to absorb an interest rate hike that will eventually follow when the Fed finishes its period of extraordinary monetary support. A strong reading is likely to be US dollar positive and weigh on commodities priced in the currency. After the lacklustre take-up of the TLTRO (the ECB’s form or quantitative easing), the market will be keen to hear President Draghi’s view of the programme at the ECB’s post-policy meeting conference.
Video Presentation
Nitesh Shah, 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.
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Mar.25 crypto update, Research commentary on market turmoil, CIO Notes and ETP performance attribution
A – Research commentaries from last week developments
- Markets reacted to Trump tariffs – Bitcoin stands
Global markets fell sharply after President Trump’s new 25% tariffs on Chinese imports. Stocks led the decline – the Nasdaq 100 is now down -14% since the election, and the S&P 500 -12.3%. Crypto reacted too, but not uniformly:
• Altcoins such as SOL and ETH were hit hardest (down over 30% since November)
• Bitcoin and the Nasdaq Crypto Index (NCI) showed resilience, gaining +14.3% and +9.3%, respectively since Election
This kind of selloff tends to erase diversification — everything moves together. But it’s essential to take a longer view:
• Since Trump’s election, only three assets have consistently outperformed: Bitcoin, NCI, and gold.
• Last week, only gold outpaced BTC, confirming the role of digital assets as a strategic long-term allocation — even in volatile regimes.
- Regulatory tailwinds are building
The next phase of crypto decoupling could come from policy. In the US, the signals are turning positive:
• The STABLE Act advanced in Congress, with Trump urging swift approval
• A tokenized fund paid $4.17M in dividends last month, proving blockchain’s real-world income potential
• The SEC has launched a review of past crypto guidance — a move toward clearer rules and broader institutional comfort
Bottom line: In a week where most assets fell, crypto stood out. That’s not a coincidence — it’s a signal.
B – CIO Monthly Notes – Crypto’s Political Tailwinds Are Blowing Hard
• Following a week in Washington, our CIO outlines how crypto is gaining bipartisan traction in DC.
• Key takeaway: regulatory clarity is coming faster than expected, and institutions are taking note.
C – March 2025 ETP performance overview
As of 31/03/25 – Source: Hashdex and Bloomberg. Performances in USD.
Hashdex Nasdaq Crypto Index ETP (HASH / HDX1) : March: -4.5% | YTD: -19%
Key drivers in March: Bitcoin and Ethereum
March Performance Attribution:
Hashdex Crypto Momentum Factor ETP (HAMO / HDXM): March: -8.5% | YTD: -22%
Key drivers in March: Litecoin, Ethereum and Solana
March Performance Attribution:
Hashdex Multi-Crypto Index ETPs
Hashdex Nasdaq Crypto Index ETP (HASH)
• Broad exposure to BTC, ETH, and major altcoins (SOL, XRP, ADA, etc)
• Quarterly rebalancing – evolutive, market cap-based allocation with no caps (weights and number of constituents)
• Largest crypto index ETP in Europe (+$300m AUM)
• ISIN: CH1184151731 | Tickers: HASH (SIX, Euronext) / HDX1 (Xetra)
• Tradable in USD, EUR, CHF, GBP
• Factsheet / Product page / Index Methodology
Hashdex Crypto Momentum Factor ETP (HAMO/HDXM )
• Momentum-based strategy with monthly rebalancing
• Designed to capture trends across large-cap crypto assets
• ISIN: CH1218734544 | Tickers: HAMO (SIX, Euronext) / HDXM (Xetra)
• Tradable in USD, EUR, CHF, GBP
• Factsheet / Product page / Index Methodology
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