VanEck Bitcoin ETF Saw $258M in Trading Volume, Up 14 Times From Previous Trading Day

VanEck’s spot Bitcoin ETF, “HODL,” skilled a sudden and unexplained surge in buying and selling quantity on February 20, leaving market analysts scratching their heads.

This spike wasn’t pushed by a single giant investor, which might be extra normal, however moderately by an enormous inflow of 32,000 particular person trades. This represents a staggering 60 instances the common variety of trades for the HODL ETF.

“Nonetheless have not found out what occurred,” Balchunas posted on X, highlighting the bizarre nature of the occasion. He speculated {that a} social media influencer, maybe on Reddit or TikTok, might need really useful the ETF to their followers, attracting the “retail military.”

Simply 5 days prior, VanEck introduced a payment discount for the HODL ETF, dropping it from 0.25% to 0.20%, undercutting each BlackRock and Constancy’s choices. Nonetheless, with BlackRock additionally waiving charges on its iShares Bitcoin ETF till it reaches $5 billion in belongings beneath administration (AUM), which it achieved on February 15, the timing and reasoning behind the surge stay unclear.

Related quantity spikes have been noticed in WisdomTree’s Bitcoin Fund (WBTC), with a 1,200% improve to $154 million and roughly 23,000 particular person trades in comparison with its normal 221.

This text comprises hyperlinks to third-party web sites or different content material for info functions solely (“Third-Get together Websites”). The Third-Get together Websites aren’t beneath the management of CoinMarketCap, and CoinMarketCap is just not chargeable for the content material of any Third-Get together Web site, together with with out limitation any hyperlink contained in a Third-Get together Web site, or any modifications or updates to a Third-Get together Web site. CoinMarketCap is offering these hyperlinks to you solely as a comfort, and the inclusion of any hyperlink doesn’t suggest endorsement, approval or suggestion by CoinMarketCap of the positioning or any affiliation with its operators.
This text is meant for use and have to be used for informational functions solely. It is very important do your individual analysis and evaluation earlier than making any materials selections associated to any of the services or products described. This text is just not supposed as, and shall not be construed as, monetary recommendation.
The views and opinions expressed on this article are the writer’s [company’s] personal and don’t essentially mirror these of CoinMarketCap.