CMC Invest data shows ETFs, Bitcoin lead retail trades

CMC Invest has published new trading data that points to steady retail investor activity in Australia during 2025, with most orders placed on the buy side and exchange-traded funds dominating overall turnover.

The firm said its inaugural Inside Invest Report showed clients continued to trade through periods of geopolitical uncertainty, trade tensions and elevated interest rates. It reported that around 75% of all trades across the year were buy orders.

ETF concentration

ETF activity formed a central part of the picture. CMC Invest identified four funds as the most traded instruments on its platform in 2025: IVV, VGS, VAS and NDQ. The firm described the group as a 'Big Four' for investor activity during the year.

"On the surface, 2025 appeared positive looking at the returns of major indices, both here and abroad. However, in practice, it was a difficult year to navigate," said Fraser Allan, Director of Premium Client Trading ANZ, CMC Invest. "Rates remained higher for longer, trade tensions resurfaced, AI-driven enthusiasm intensified, and geopolitical pressures persisted. Euphoric rallies in gold and silver added to the sense of unease, pointing to growing uncertainty in global markets.

"Despite that backdrop, CMC Invest client behaviour in 2025 tells a story of resilience and discipline. When uncertainty rose, clients chose patience over panic. When opportunities emerged, they stepped forward with conviction."

Home bias

The firm said trading in individual Australian stocks outweighed trading in US-listed companies by a wide margin. Total orders executed on ASX-listed stocks were almost six times higher than those on US stocks across 2025.

CMC Invest said activity in Australian equities concentrated in large, familiar companies. Financials, materials and consumer stocks featured prominently. The firm linked the pattern to the make-up of the Australian market and to the attraction of established brands and dividend income.

The report highlighted different trading patterns in two heavily traded ASX names. For Commonwealth Bank of Australia, 56% of orders were buy orders. For CSL, 84% of orders were buy orders, which the firm said aligned with a buy-the-dip approach after a material share price decline over the year.

US favourites

CMC Invest said US trading concentrated more heavily in a small number of shares than in Australia. NVIDIA and Tesla accounted for around half of all trades among the platform's top 10 US stocks, according to the report.

NVIDIA was the most traded stock on the platform in 2025, ahead of BHP and CSL. It ranked as the fifth most traded instrument overall. CMC Invest linked the position to strong retail engagement in the artificial intelligence theme during the year.

For Tesla, the firm reported a skew towards buying during periods of share price weakness. April was the second-strongest buying month behind July, with 77% of orders on the buy side.

Bitcoin activity

The report also pointed to a higher profile for cryptocurrency trading among the firm's clients. By total orders executed, Bitcoin ranked as the ninth most traded instrument overall on the platform during 2025. It ranked fourth when ETFs are excluded.

CMC Invest reported that around 82% of Bitcoin orders were placed on the buy side. It said this stood out against the trading pattern of many top ASX and US stocks, given the asset's volatility across the year. The firm cited two drawdowns of roughly 30% in 2025.

Offshore mix

Beyond Australian and US markets, the firm said clients traded a broader set of international stocks across the additional markets available on its platform. It reported a stronger appetite for offshore ideas in those other exchanges.

Metaplanet emerged as the most traded stock outside the ASX and US in 2025, the firm said. It linked the interest to retail focus on Bitcoin treasury companies.

CMC Invest also pointed to a concentration in Hong Kong-listed names among the most traded offshore stocks. BYD featured in the top ranks, alongside large technology and consumer brands including Alibaba, Xiaomi and Tencent, according to the report.

"Overall, 2025 reinforced some familiar lessons. Markets rarely move in straight lines, and progress often comes from staying disciplined through uncertainty," said Allan. "Local investors remained engaged, navigating a challenging year with a clear focus on long-term outcomes rather than short-term noise."

"Looking ahead to 2026, uncertainty and market volatility are likely to persist. Against this backdrop, we expect investors to remain active in identifying opportunities, both domestically and offshore, using diversification and exposure to high-quality blue-chip companies to support long-term investment goals."