Daily Movers: Ethereum Trust ETHA Rose 3.02%

A selective, crypto-led rebound defined Monday. Ethereum Trust ETHA rose against a 3M downtrend, and the move resisted a broader cyclical read. On the downside, Long Treasuries TLT fell 0.75%, Investment Grade Credit LQD lost 0.38%, Taiwan EWT declined 1.43%, and Biotech IBB dropped 1.70%. On the upside, China Large-Cap FXI rose 2.67%, China MCHI gained 2.13%, Bitcoin Trust IBIT advanced 1.49%, and High Yield HYG edged up 0.04%.

Equity: China equities rallied against a 3M downtrend, Taiwan lagged

Movers

Leaders: China Large Cap FXI +2.67% (3M: -6.1%), China MCHI +2.13% (3M: -8.2%)

Laggards: Taiwan EWT -1.43% (3M: +15.3%), United Kingdom EWU -1.17% (3M: -2.5%)

3M Leaderboard

Strong: Value Factor VLUE +19.9%, Taiwan EWT +15.3%, US Technology IYW +14.3%

Weak: Copper Miners COPX -15.0%, Brazil EWZ -13.0%, China MCHI -8.2%

Fixed Income: Credit held up, duration lagged

Movers

Leaders: High Yield HYG +0.04% (3M: +0.3%), High Yield Bonds JNK -0.03% (3M: +0.5%)

Laggards: Long Treasuries TLT -0.75% (3M: -2.6%), Investment Grade Credit LQD -0.38% (3M: -1.5%)

3M Leaderboard (within FI scale)

Strong: High Yield Bonds JNK +0.5%, Short TIPS VTIP +0.4%, High Yield HYG +0.3%

Weak: Long Treasuries TLT -2.6%, Preferred Stock PFF -2.3%, Investment Grade Credit LQD -1.5%

Specialty: Crypto proxies rallied against a 3M downtrend

Movers

Leaders: Ethereum Trust ETHA +3.02% (3M: -22.0%), Bitcoin Trust IBIT +1.49% (3M: -16.0%)

Laggards: Biotechnology IBB -1.70% (3M: +5.6%), Clean Energy ICLN -1.25% (3M: -6.2%)

3M Leaderboard

Strong: Semiconductors SMH +20.4%, Momentum Factor MTUM +10.4%, Biotechnology IBB +5.6%

Weak: Gold Miners GDX -29.5%, Ethereum Trust ETHA -22.0%, Gold GLD -17.6%

Cross-Asset Read

A selective, crypto-led rebound framed Monday, with gains concentrated in crypto and China while duration and parts of prior equity leadership gave ground.
The 3M leadership stack sits in VLUE, EWT, IYW, SMH, MTUM, and IBB, while the weak end holds COPX, MCHI, GDX, ETHA, GLD, and TLT; Monday broke from that standing trend in ETHA and IBIT, which rose against 3M downtrends, and in EWT and IBB, which fell against 3M uptrends, while TLT extended its 3M decline.
Volatility stays compressed in EFA, EFAV, EWG, AGG, BNDX, EMB, and DBMF, so the cross-asset field is selective rather than broad, with the rebound concentrated in counter-trend crypto and China pockets.

Romain Gandon
CEO, Quantlake

Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice. Past performance is not indicative of future results.