Core Insights - The Invesco NASDAQ 100 ETF (QQQM) has experienced a significant inflow of approximately $350.8 million, resulting in a 0.6% increase in outstanding units from 250,730,000 to 252,170,000 week over week [1][4] - The current share price of QQQM is $243.55, which is close to its 52-week high of $244.06 and significantly above its low of $165.72 [3] ETF Performance - QQQM's recent trading performance shows Alphabet Inc (GOOGL) down by 0.4%, Adobe Inc (ADBE) up by 1%, and Gilead Sciences Inc (GILD) down by 0.6% [1] - The ETF's price performance can be analyzed against its 200-day moving average, which is a common technical analysis technique [3] ETF Mechanics - ETFs, including QQQM, trade like stocks but involve "units" instead of shares, which can be created or destroyed based on investor demand [4] - Notable inflows indicate that new units are created, necessitating the purchase of underlying holdings, while outflows lead to the sale of these holdings [4]

Market Overview - August was a surprisingly steady month for markets despite inflation concerns and trade tensions, with investors focusing on solid corporate earnings and potential Fed rate cuts [1] ETF Inflows - ETFs attracted a record-breaking $118 billion in net new assets in August, more than three times the historical average of $36 billion, indicating a shift in investor behavior towards liquidity and diversification [2] - A significant portion of ETF inflows was directed towards fixed income, with $13 billion into investment-grade corporate bond ETFs and $17 billion into active bond ETFs, marking the highest inflows on record [4][5] Fixed Income Trends - Fixed income ETFs saw elevated interest, particularly in investment-grade corporate bonds and short- to intermediate-duration government bonds, reflecting a preference for higher-quality debt instruments [3][5] - Inflation-linked bond ETFs attracted $1 billion in new flows, marking the eighth consecutive month of inflows, indicating persistent investor concerns about inflation [6] Gold ETFs - Gold ETFs experienced substantial inflows driven by renewed inflationary concerns and expectations of earlier-than-anticipated policy easing by central banks, reinforcing gold's status as an inflation hedge [7] U.S. Equities Valuation - U.S. equities faced valuation headwinds, with the S&P 500's earnings yield dropping to 3.7%, below the cash yield of 4.22% from short-term U.S. Treasuries, suggesting potential overvaluation [8][9] International Equities - Non-U.S. equities are yielding nearly twice as much as U.S. counterparts and have outperformed U.S. markets by nearly 10% YTD, the largest performance gap since 2009, driven by a weaker U.S. dollar and easing monetary policy abroad [10][11][12] Fed Policy Outlook - The Federal Reserve is at a critical juncture, with markets assigning an 88% probability of a rate cut at the next meeting, while September is historically the weakest month for equity performance [13][14] Investor Positioning - There is a discernible tilt towards cyclical sectors like industrials and technology, with growth-oriented equity strategies receiving twice the inflows of value-based strategies, indicating a renewed appetite for companies with strong earnings momentum [15]

Bitcoin Price Breaches $114K as ETF Inflows Hit 8-Week High► https://t.co/gNsteC6IIv https://t.co/gNsteC6IIv ...

Ethereum Outpaces Bitcoin as ETF Inflows Top $1.2 Billion Amid Market Lull► https://t.co/TRNbZaUkql https://t.co/TRNbZaUkql ...

ETH price taps $4,000 for the first time in 8 months amid rapid Ethereum treasury accumulation and rising ETF inflows https://t.co/pWhYfGx6n8 ...

Supply Dynamics - For every 1 ETH minted, 32 ETH are being bought, indicating a significant supply shock [1] Institutional Investment - Eight wallets accumulated $2.17 billion in 17 days, highlighting concentrated accumulation [1] - July ETF inflows reached $4.2 billion, equaling the previous 11 months combined, demonstrating increased institutional interest [1] Mining Activity - A bitminer acquired an additional $1 billion last week, showing continued investment in mining infrastructure [1]

🚨 CMC News: ETH Hits 2025 High Above $3,800 Amid Record ETF Inflows.🔗 https://t.co/zGV0Y4yTl2 https://t.co/rhU1CqvvWL ...

bitcoin at $108k isn't the real storysenate votes on btc capital gains amendment in 24h + vance declaring it "strategically vital" = unprecedented momentum$2.21B weekly etf inflows + 6yr low exchange supply + 75% odds of cap gains eliminationgrayscale deadline adds pressure. support at 95k/85k looking clean ...

Market Sentiment - Market anticipates a positive trend, hoping to avoid any "Black Swan" events for at least a month [1] Macroeconomic Factors - Expectations of potential interest rate cuts by the Federal Reserve, indicated by Powell's statements [2] - Resolution of the Middle East situation, contributing to market stability [2] - The DXY (US Dollar Index) is experiencing a significant decline [2] Investment Flows - ETF (Exchange Traded Fund) inflows are increasing, suggesting renewed investor confidence [2] Cryptocurrency Market - Anticipation of cryptocurrency being accepted as collateral [2] - US government potentially focusing on purchasing Bitcoin (BTC) [2] Market Performance - NASDAQ has reached a new All-Time High (ATH), indicating strong market performance [2]

Investment Rating - The report upgrades the year-end gold price forecast to $3,700/toz from a previous estimate of $3,300/toz, with a projected range of $3,650-3,950/toz [5][7][19]. Core Insights - The gold price has reached a new all-time high of $3,245/toz, recovering sharply after a 5% drop due to margin calls during an equity selloff [3][6]. - Stronger-than-expected central bank demand and increased recession risk are significant factors driving the upgraded forecast [5][19]. - The report indicates a 45% probability of a US recession in the next 12 months, which could lead to accelerated ETF inflows and potentially lift gold prices to $3,880/toz by year-end [19][24]. Summary by Sections Gold Price Dynamics - The gold price has shown resilience, recovering from a drop linked to US tariff announcements, with speculative positioning falling sharply while ETF holdings increased due to recession concerns [3][6]. - The report notes that physical demand in the East has risen as prices decreased, contributing to the recovery [3][6]. Central Bank Demand - The central bank buying assumption has been nudged up to 80 tonnes per month, reflecting a strong nowcast of 106 tonnes in February, significantly above previous assumptions [10][19]. - China was identified as a major buyer, accounting for 50 tonnes in February [13][19]. ETF Inflows and Recession Risk - Historical data suggests that ETF flows tend to overshoot during recession concerns, and the report incorporates this into its forecasting model [16][19]. - If a recession occurs, ETF inflows could return to pandemic levels, supporting prices towards $3,880/toz by year-end [24][25]. Upside Risks - The report highlights that risks to the upgraded forecast remain skewed to the upside, with potential scenarios illustrating gold prices reaching $4,500/toz by the end of 2025 under extreme conditions [23][25]. - Conversely, if economic growth surprises positively, ETF flows may revert to previous predictions, leading to year-end prices closer to $3,550/toz [24][29].