Ethereum Trust ETHA Sank 4.13%

Thursday delivered a defensive rotation. Crypto weakened.

Defensives led, North Asia weakness deepened

Movers

Leaders: Energy XLE +2.97% (3M: +19.2%), Consumer Staples XLP +2.11% (3M: -0.2%)

Laggards: South Korea EWY -4.03% (3M: -3.9%), Taiwan EWT -2.49% (3M: +6.7%)

3M Leaderboard

Strong: Energy XLE +19.2%, Brazil EWZ +18.5%, Copper Miners COPX +7.4%

Weak: Utilities XLU -8.9%, India INDA -7.6%, Real Estate XLRE -7.3%

Duration rallied, high-yield lagged

Movers

Leaders: Long Treasuries TLT +0.93% (3M: -6.7%), Mortgage-Backed MBB +0.57% (3M: -3.2%)

Laggards: High Yield HYG -0.05% (3M: -1.8%), High Yield Bonds JNK -0.03% (3M: -1.7%)

3M Leaderboard

Strong: Short TIPS VTIP -0.4%, Short Corporate VCSH -0.5%, Global Bonds BNDX -1.7%

Weak: Long Treasuries TLT -6.7%, Muni Bonds MUB -5.1%, EM Sovereign Bonds EMB -3.9%

Real assets led, crypto and semis lagged

Movers

Leaders: Gold Miners GDX +1.47% (3M: +14.8%), Real Estate VNQ +0.74% (3M: -7.4%)

Laggards: Ethereum Trust ETHA -4.13% (3M: +37.2%), Semiconductors SMH -2.84% (3M: -0.6%)

3M Leaderboard

Strong: Ethereum Trust ETHA +37.2%, Bitcoin Trust IBIT +27.7%, Gold Miners GDX +14.8%

Weak: Clean Energy ICLN -11.1%, Global REITs REET -7.5%, Real Estate VNQ -7.4%

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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.