Market Moves: Week Ending 11 April 2025

  • Gold miners (GDX, MNRS) were the top performing non-leveraged ETFs of the week as physical gold price breached yet another all-time high.1 Chinese investors, in particular, bought record amounts of gold to hedge a de-valuing yuan and trade war risks. The PBOC also added to its gold reserves for the fifth month in a row.
  • Ethereum ETFs (EETH, IETH, QETH) were the poorest performing non-leveraged funds last week. Ethereum unique active wallets, a measure of the blockchain’s usage rate, fell by more than a third in the past month as crypto sentiment cooled.2 US Ethereum ETFs have also seen sharp outflows as investors exited risk assets.
  • There were $1.1 billion in reported inflows for the week and $685.4 million in outflows, marking a week of net inflows for the Australian ETF industry.

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Looking for more ETF Express content? Check out this week’s Thematic Spotlight and Commodity Calls.