BLOOMBERG ANALYST: GOLD AND BITCOIN ETF RE-ENTERING TOP 10 TRADES

Wu stated that he had been informed that Eric Balchunas, a BloombergETF analyst, had indicated that the gold ETF SPDR Gold Shares (GLD) and Bitcoin iShares Bitcoin Trust (IBIT) had re-entered the top ten ETFs with the highest turnover, replacing part of the position previously occupied by the semiconductor ETFs. In his view, this reflected a gradual shift in market funds from the AI boom to a “debasement trade”, i.e., the allocation of value-stored assets such as gold and bitcoin. The semiconductor ETF remained highly traded, but had declined from its summer peak。