+1300% in a year, easy to think the move is done.
But as Bloomberg highlights, the Breakwave Tanker Shipping ETF (BWET) reflects deeper forces. Even before the conflict: - Aging fleet - Tight capacity - Sanctions limiting supply ➡️ The war accelerated existing trends. Now the question isn’t how far it’s gone, but what’s changed. Structural tightness remains: - Longer, more complex trade routes - Sourcing shifting farther away - Rising demand for shipping capacity ➡️ That’s why gains may not fully unwind, even with peace. As John K. notes: the story may shift from war-driven to fundamentally driven. The fundamentals still point to persistence. Source. Bloomberg
Bitcoin ETF's cumulative net inflows peaked at +$63B in October. Today (after the "massive" outflows) it's +$53B. That's NET NET +$53B in only two years.
Initially, most predictions were for $5-15B in the first year. This is an important context to consider when looking/writing about the $8B in outflows since 45% decline and/or the relationship between $BTC and Wall street, which has been overwhelmingly positive. h/t @JSeyff
The typical ETF investor has about half their portfolio in Tech Stocks
Source: Topdown Charts @topdowncharts
Is the tech sector building a house of cards?
There are now 139 tech-related leveraged ETFs (108 long, 31 short). That is 3x more than the next largest sector (Financials). To put that in perspective: Tech now has more leveraged ETFs than Financials, Consumer Discretionary, and Communication Services COMBINED. 🤯 We’ve moved past simple indexing into a world of hyper-fragmented, high-octane gambling vehicles. Source: The Kobeissi Letter, Arbor Research & Trading
South Korea is going to allow 2x single stock ETFs.
This is an effort to bring in more retail money which is largely in US stocks. This comes after the government said you have to take a training course... Source: Eric Balchunas, Bloomberg
There are 5 spot Crypto ETFs launching over next 6 days.
Nice chart showing what's launched and what's on deck from @JSeyff Source: Eric Balchunas @EricBalchunas, Bloomberg Intelligence
Tokenized gold just flipped Gold ETFs in performance.
Same metal in the same vaults, but one lives on ETH and suddenly performs 60% better because it trades 24/7. Gold bugs just became crypto users and they don't even know it yet Source: Katusa Research
Some Bitcoin whales are doing custom creations of $IBIT
These whales are trading in their physical Bitcoin for shares of the ETF for a variety of benefits after discovering TradFi has its perks. BlackRock has done $3b of these. Source: Eric Balchunas
