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Weekly Market Monitor – Week Ending 23 June 2023

Crypto ETFs (EBTC, EETH, CRYP) dominated the top performers last week after BlackRock stunned the market with a filing for a Bitcoin ETF, the first of its kind in US markets. Crypto enthusiasts see the filing as proof of institutional belief in the long-term potential of decentralised finance and blockchain technology, pushing the price of Bitcoin to its highest level since June 2022.¹ Australian markets welcomed their first Bitcoin and Ethereum ETFs by Global X ETFs in May 2022.
Real estate and property ETFs (GLPR, RCAP, REIT) underperformed as the US Fed signalled that more rate hikes could be on the way, despite its pause this month. Governments across the globe continue to struggle against inflation and tighter monetary policy will likely impact the debt-reliant real estate investment industry.
There were $489.6 million in reported industry inflows last week, of which bond ETFs (AGVT, QPON, SUBD, USTB, XARO) were responsible for a large portion. As the US Fed has indicated a need for further rate hikes, investors feel confident that global yields will remain higher for longer.
There were only $130.2 million in reported outflows for the week, marking a week of net positive flows for the Australian ETF industry.
Broad-base index tracking funds (A200, IOZ, IHVV, IVV, VAS, VGS) dominated the top trading volumes as usual. Bond and cash income ETFs (AAA, QPON) also made a strong showing.

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Authored by: Justin Lin

Date:
Jun 27, 2023

Category:
Reports

Topics:
Weekly ETF Monitor

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