Market Moves: Week Ending 16 February 2024
- Crypto ETFs (CRYP, EBTC, EETH) dominated the top performers list once again as Bitcoin surged to US$52,000, its highest mark since 2021.1 Analysts have attributed the rally to relatively low volumes during the Lunar New Year, and constant buying pressure from the newly listed spot Bitcoin ETFs.2
- Risk-on technology funds (BUGG, CLDD, HACK, LNAS) were the poorest performers of the week as US inflation data came in higher than expected.3 Unexpectedly sticky inflation has forced traders to re-evaluate their expectations for an early rate-cut by the Fed this year, negatively impacting growth stock prices.
- There were $601.7 million in reported inflows for the shortened week and $156.0 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.