ETF Securities Weekly Flows Analysis – Weaker US dollar boosts precious metals
Mixed economic data and minutes from the Federal Reserve’s December meeting weighed on the US dollar, prompting US$69mn of inflows into precious metals.
Investors reduced exposure to ETPs tracking long EUR/USD positions by US$95.7mn last week.
Energy prices ticked down last week due to a massive increase of US oil inventory and milder temperatures in the US.
The gold price rose 1.4% on the week after the US dollar weakened following a somewhat dovish Fed minutes. Gold ETPs saw US$40.5mn of inflows last week. The minutes of the FOMC December meeting revealed that the Fed is optimistic about growth prospects for the US economy, giving more scope for rising interest rates. However, the FOMC continues to see risks to this outlook, notably regarding fiscal policy and the negative consequences of a stronger dollar. Overall, market participants revised rate hike expectations downward, suggesting the next rate hike would take place in June. The weaker dollar coupled with stronger US and Chinese manufacturing data also boosted platinum and palladium prices, which have gained 5.7% and 10.2% respectively last week.
Investors reduced positions in ETPs tracking long EUR/USD. The US employment report showed wage growth rising 0.4% over December – the strongest since 2009, despite the disappointing 156k job gains on the month. The mixed December US jobs report and Fed minutes halted the US dollar rise that started in November, prompting some investors to pull back their bullish bets. Short USD long EUR ETPs saw US$95.7mn outflows last week.
Crude oil ETPs experienced a US$17.9mn withdrawal after the US Department of Energy reported a massive rise of distillate inventories. The oil price moved slightly upward on the news that Saudi Arabia cut its crude oil production by at least 486k barrels a day since October. However, the oil price pared gains after the US inventory data showed an extra 18mn barrels to gasoline and diesel stockpiles last week. In addition, US natural gas and carbon prices both collapsed by 10.8% and 23%, respectively last week. The price declines were triggered by predictions of milder temperatures in the US, and a drop of EU carbon allowances in the EU Emissions Trading System (ETS).
What to watch this week. Investors will closely watch the industrial production data and employment figures for the Eurozone to gauge the effectiveness of the ECB’s monetary stimulus. Inflation data in China and US retail sales will also be monitored by market participants.
Video Presentation
Morgane Delledonne, Fixed Income Strategist at ETF Securities provides an analysis of last week’s performance, flow and trading activity in commodity exchange traded products and a look at the week ahead.
For more information contact
ETF Securities Research team ETF Securities (UK) Limited T +44 (0) 207 448 4336 E info@etfsecurities.com
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Nordisk ETF-workshop för kapitalförvaltare 2025
XENIX anordnar en workshop för fondbolag och småförvaltare i Norden för att demonstrera framgångsrika strategier för lansering av ETFer. Huvudämnena för den tre timmar långa workshopen är olika ETF-koncept (byggda eller white-label), nödvändiga indexmetoder (anpassade eller standardindex), specifika distributionskanaler (med Tyskland som exempel), rollen för en ETF-marknadsgarant (auktoriserad deltagare) och (kors)notering på Europas ledande ETF-börser (Xetra, LSEG, Borsa Italiana).
XENIX organiserar detta evenemang i samarbete med Henrik Norén, VD för Nordicus och bland annat tidigare VD för XACT Fonder, Handelsbankens ETF-leverantör. Andra partners inkluderar indexleverantören Market Vector Indexes och Investlinx ICAV, en oberoende leverantör av aktiva ETF:er.
FinTech-företag och kapitalförvaltare kan få ytterligare information på info@xenix.eu eller +49 151 17 83 52 93.
Program
09.00 – Registrering och välkomstkaffe
09.15 – Öppningsimpuls #1
25 år av ETF:er i Europa – Ständiga trender och framgångshistorier
Dr. Markus Thomas
09.30 – Öppningsimpuls #2
Tillväxtmöjligheter för nordiska kapitalförvaltare i ETF-boomen
Henrik Norén, Nordicus
09.45 – Öppningsimpuls #3
Anpassade index för ETFer – Anpassa ditt företag till ETFer
Thomas Kettner, Market Vector Indexes
10.00 – Tillverka eller köpa?
Vägarna till ETF-framgång: Tillgång till strategier och bästa praxis
Expertpanel
10.30 – Samtal
Anpassade riktmärken för FinTechs och kapitalförvaltare
Dr Markus Thomas pratar med Thomas Kettner, Market Vector Indexes
11.15 – Strategipanel
Framgångsfaktorer för nykomlingar på den europeiska ETF-marknaden
Expertpanel
11.55 – Sammanfattning
12.00 – Nätverkande och förfriskningar
12.45 – Slut
Ändringar är möjliga när som helst med ytterligare meddelanden från Xenix.
Endast för institutionella investerare och endast via inbjudan. Begränsat antal deltagare.
I denna text tittar vi närmare på olika börshandlade produkter som ger exponering mot Sui. Precis som för många andra kryptovalutor och tokens finns det flera olika börshandlade produkter som spårar Sui. Vi har identifierar tre stycken sådana produkter.
De olika produkterna skiljer sig en del åt, en del av emittenter av ETPer arbetar med så kallad staking för vissa kryptovalutor, vilket gör att förvaltningsavgiften kan pressas ned. Det är emellertid inte så att alla dessa börshandlade produkter är identiska varför det är viktigt att läsa på.
Börshandlade produkter som ger exponering mot Sui
Precis som för många andra kryptovalutor och tokens finns det flera olika börshandlade produkter som spårar Sui. Det finns faktiskt tre börshandlad produkter som är noterade på svenska börser vilket gör att den som vill handla med dessa slipper växlingsavgifterna, något som kan vara skönt om det gäller upprepade transaktioner i olika riktningar.
För ytterligare information om respektive ETP klicka på kortnamnet i tabellen nedan.
Dogecoin’s performance and staying power across multiple market cycles suggest it is not “just another one of those memecoins”.
Over the past decade, DOGE has outperformed even Bitcoin, delivering over 133,000% in returns, nearly 1,000x BTC’s gains in the same period. Despite deep drawdowns during bear markets, Dogecoin has shown remarkable structural resilience.
Following each major rally, it has consistently formed higher lows, a pattern of long-term appreciation and compounding strength.
Historically, Dogecoin has closely mirrored Bitcoin’s movements, often peaking a few weeks after. While 2024 saw Bitcoin dominate headlines following landmark ETF approvals, DOGE still followed its trajectory, though it has yet to stage its typical delayed breakout.
As macro uncertainty continues to fade and momentum returns to the market, retail participation is likely to accelerate, setting up conditions in which Dogecoin has historically thrived.
At the same time, regulatory clarity around Dogecoin has improved. The SEC recently confirmed that most memecoins are not considered securities, comparing them to collectibles. Additionally, they clarified that proof-of-work rewards, like those earned from mining DOGE, also fall outside that scope. These developments further legitimize Dogecoin’s role in the ecosystem, potentially setting the stage for its next paw up, especially as it now holds a firm base around $0.17, nearly 3x its pre-rally level before reaching a new all-time high in the last cycle.
In addition to its long-term performance, Dogecoin stands out as an asset that behaves asymmetrically, offering investors a rare source of uncorrelated returns across both traditional and crypto portfolios. With an average correlation of just 15% to major assets, DOGE’s price action remains largely detached from broader macroeconomic trends, reinforcing its value as a true diversification tool.
Dogecoin demonstrates significant independence within the crypto market, with its correlation to Bitcoin at only 31% and to Ethereum at 37%. This divergence stems from unique capital flow dynamics, where higher-beta assets like DOGE tend to rally after blue-chip crypto assets reach major milestones.
While Bitcoin slowly evolves into a digital store of value and Ethereum powers decentralized infrastructure, Dogecoin remains largely a cultural asset, thriving on narrative momentum and crowd psychology, offering explosive upside when risk appetite surges.
For investors seeking an upside without mirroring the behavior of core holdings, Dogecoin offers a compelling case. Its ability to decouple from market trends while tapping into more speculative surges makes it a powerful, though unconventional, addition to a portfolio with wildcard potential.
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The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.