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Six Consecutive Weeks Of Flows Into Long Gold And Oil ETPs
Six Consecutive Weeks Of Flows Into Long Gold And Oil ETPs. With US$35.0mn of inflows last week, ETF Securities long gold ETPs have seen their longest stretch of consecutive positive flows since October 2012
Long WTI ETP inflows rise to US$17.0mn, the highest in four months, while short WTI ETPs see their largest outflow since November 2013
ETFS Corn (CORN) sees highest inflow since March 2014
ETFS Wheat (WEAT) continued to see its 14th consecutive week of inflows
Profit taking drives flows out of platinum group metal (PGM) ETPs
Six consecutive weeks of flows into long gold and oil ETPs highlight investors’ concern over geopolitical events.
The US Defense Secretary declared the terrorist group, Islamic State, to be the most dangerous threat that the US has faced in years. A growing sense that the conflict in the Middle East will be a long, drawn-out affair has led investors to expand their holdings of defensive assets. However, the price of gold fell last week, as policy setters at the central banks of the UK and US appear to be more open to raising interest rates.
With US$35.0mn of inflows last week, ETF Securities long gold ETPs have seen their longest stretch of consecutive positive flows since October 2012. The sixth week of inflows, despite modest price performance, highlights the extent to which sentiment towards gold has changed since last year when investors in ETPs and futures markets were abandoning the metal in droves. Investors are rebuilding the hedges into their portfolios after having taken them off in 2013.
Long WTI ETP inflows rise to US$17.0mn, the highest in four months, while short WTI ETPs see their largest outflow since November 2013. While Brent ETPs have been the main beneficiary of rising geopolitical risk, seeing 11 consecutive weeks of inflows, WTI ETPs are gaining favour as the price of the benchmark remains relatively cheap. WTI has seen five consecutive weeks of price declines as inventories remain well above the 5-year average. However, the market could tighten with OPEC and the EIA expecting demand to pick up and US inventories last week fell substantially more than forecast.
ETFS Corn (CORN) sees highest inflow since March 2014
Bargain hunting drove US$4.6mn of inflows into the ETP as expectations of record yields and production have beaten the price down to the lowest since 2010. However, with near-perfect conditions completely priced-in, a small disruption to weather conditions could drive prices upwards. ETFS Wheat (WEAT) continued to see its 14th consecutive week of inflows, attracting US$0.6mn last week as the price of wheat gained 1.7%. Wheat prices are also close to their lowest since 2010, driven by expectations of a bumper crop in the US. Last week however, Ukraine finally confirmed that conflict affected regions will not be able to export as much as normal and a poor crop is expected in France, which will both help tighten the global market.
Profit taking drives flows out of platinum group metal (PGM) ETPs
With year-to-date gains of 22.5% and 4.6% for palladium and platinum, respectively, many investors feel like the best of the rally is over. Although platinum fell 3.3% last week, reports of mine closures in Zimbabwe and rising Chinese imports toward the end of the week, could reverse the downtrend. We believe that platinum will rise faster than palladium in coming months, allowing the metal to narrow the recent underperformance. US$105.8mn and US$34.3mn flowed out of ETFS Physical Palladium (PHPD) and ETFS Physical Platinum (PHPT), respectively.
Key events to watch this week.
Euro area unemployment and inflation data will be closely watched as the market tries to guess the pace at which the European Central Bank will loosen its policy setting. The second estimate of US Q2 GDP if unchanged or higher, could help consolidate the US dollar’s strength, which would typically weigh on commodity prices.
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.
Amid ongoing market volatility, gold has surged to a new record high above the $3,400 threshold, fueled by growing demand for safe-haven assets. With a YTD performance that places it as the top-performing major asset class, gold has benefitted from concerns over inflation, macro uncertainty, and a weakening US dollar. Investors have sought protection in stores of value, driving strong inflows into gold despite mixed equity performance and sluggish economic indicators. This shift reflects a broader trend that began in 2023, when both gold and bitcoin started showing strong price momentum amid rising global instability.
As digital assets continue to gain legitimacy in global finance, bitcoin increasingly stands alongside gold as a modern alternative store of value. Given gold’s significantly larger market cap, it’s reasonable to expect that fundamentals-driven triggers—such as the opening of the US institutional market and the establishment of a BTC strategic reserve—could have an even more pronounced impact on bitcoin’s price trajectory. With the same macro tailwinds now propelling gold, BTC may be poised for an outsized rally in the coming months as investors seek resilient, decentralized hedges against systemic risk.
Source: Hashdex Research with data from CF Benchmarks and Bloomberg (from Dec 31, 2022, to April 20, 2025). The last price for bitcoin and gold is from April 20 as the month is not closed yet.
MARKET HIGHLIGHTS
Apr 14 2025 – Apr 20 2025
Powell signals easing of crypto rules for banks
• Federal Reserve Chair Jerome Powell signaled the potential easing of crypto-related regulations applicable to banks.
• Such a shift could facilitate greater institutional adoption of digital assets globally, as cryptocurrencies become more closely integrated into the traditional financial system of the world’s largest economy.
Arizona advances crypto reserve legislation
• Arizona’s Senate Bill 1373, which seeks to establish a state-managed digital asset reserve, has passed a House committee.
• This development positions Arizona as a leader in state-level crypto initiatives and may set a precedent for other states to follow.
Hyperliquid dominates on-chain perp market
• It was recently disclosed that the decentralized exchange Hyperliquid has captured 70% of the on-chain perpetual contracts market.
• This underscores the growing relevance of perpetual contracts for this protocol within DeFi and signals the emergence of another potential blue-chip in the digital assets space.
• The emergence of solid players in this niche could trigger a shift from centralized derivatives platforms to decentralized alternatives highlights the evolving landscape of crypto trading.
MARKET METRICS
The Nasdaq Crypto Index™
NCI™ constituents delivered mixed results last week. SOL (+6.9%) and LINK (+6.1%) stood out as top performers, while ADA lagged behind with a 3.3% decline—underperforming all other constituents. This divergence likely reflects a neutral macro backdrop, combined with token-specific catalysts, such as software company Janover (JVNR) purchasing $10.3 million of SOL as part of its Solana-focused digital asset treasury strategy.
Source: Hashdex Research with data from Messari (from April 13, 2025 to April 20, 2025).
MARKET METRICS
The Nasdaq Crypto Index™
This week, the NCI™ had relatively flat performance, rising 0.8% and helping it close the gap with the Nasdaq 100 and S&P 500, which saw declines of 2.3% and 1.5%, respectively. The standout performer, however, was gold — the top-performing asset class of the year — which surged 4.7%, reaching a new record high above $3,400 amid rising global uncertainty. Gold’s strong performance may signal that other store-of-value assets, such as bitcoin, could see upward momentum soon, as it continues to lag behind gold YTD.
Source: Hashdex Research with data from CF Benchmarks and Bloomberg (from December 31, 2024 to April 20, 2025).
MARKET METRICS
Indices tracked by Hashdex
Source: Hashdex Research with data from CF Benchmarks and Vinter (from April 20, 2024 to April 20, 2025).
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