$STABLES - Institutions remain very bullish on stablecoins despite crypto market weakness, seeing significant opportunity in this sector.
$SOL - Solana showing relative strength with steep basis trade at 10% while other cryptos near zero, indicating strong demand for leverage and momentum.
$XRP - XRP ETFs seeing net inflows in aggregate despite broader crypto ETF outflows, showing relative strength.
$ENERGY - Energy sector seeing the highest ETF inflows in 2020, indicating strong institutional rotation into hard assets and cash-flowing businesses.
$MATERIALS - Materials sector experiencing second-highest ETF inflows as investors rotate into hard assets and natural resources.
Bearish:
$BTC - Bitcoin ETFs experiencing record outflows of $9 billion since October with basis trade collapsing to single digits, removing key support.
$ETH - Ethereum basis trade near zero on front month contracts, indicating complete lack of interest and momentum.
$TECH - Massive rotation out of big tech as investors diversify away from mega-cap names into other sectors, with tech multiples under pressure.
$PRIVATECREDIT - Private credit struggling as software companies face disruption risk, undermining the stable cash flow assumptions underlying these loans.