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Market Moves: Week Ending 3 January 2025

Cryptocurrencies (EETH, CRYP, VBTC), in particular Ethereum, were the top performers of the week as traders anticipated the arrival of “alt-coin season”.¹ Alt-coin season describes periods during crypto bull markets in which “alternate coins” (cryptocurrencies that are not Bitcoin) can outperform Bitcoin.
Uranium ETFs (ATOM, URNM) also outperformed after the US government signed a historic power-purchase agreement with Constellation Energy, a nuclear energy provider.² A bureaucratic hiccup in Kazakhstan also forced one of the world’s largest uranium mines to halt operations, causing concerns over supply tightness.³
China-focused ETFs (CETF, CNEW, IZZ) were the poorest-performing funds of the week. The Chinese Manufacturing PMI, a widely watched metric for economic health, disappointed after falling from 51.5 to 50.5 in December.⁴ While any PMI above 50 marks an expansion of activity, analysts had expected a PMI of at least 51.7.
There were $347.7 million in reported inflows for the week and $163.4 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.

Authored by: Justin Lin

Date:
Jan 7, 2025

Category:
Reports

Topics:
ETF Express, Market Moves

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