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Bitcoin ETF Trading Volume Reaches $2 Billion, Highest Since Launch Day
Bitcoin exchange-traded funds (ETFs) in the U.S. experience a significant surge in trading volume, hitting the highest levels since their introduction last month. The volume soared to nearly $2 billion, the most since the first day of trading on January 11, as stated by Bloomberg Intelligence senior ETF analyst Eric Balchunas.
VanEck’s HODL ETF Witnesses 14-Fold Increase in Daily Volume
Leading Bitcoin ETFs like VanEck’s HODL ETF saw just under $400 million in trading volume, with WisdomTree Bitcoin Fund (BTCW) at $221.9 million and BitWise’s ETF recording $178.29 million. VanEck’s HODL ETF, in particular, was highly active with $258 million in volume, marking a 14-fold increase over its daily average.
The surge in volume can be linked to the closure of U.S. markets on Presidents’ Day, with trades settled on the following workday contributing to the heightened activity. While Bitcoin ETFs continue to gain traction, Bitcoin itself is trading slightly above $52,200.
Spot Bitcoin ETFs saw a substantial influx of around $2.3 billion last week, nearly doubling the previous week’s inflow of $1.2 billion. These inflows make up almost half of the total net inflow since the inception of BTC ETFs, which now stand at approximately $5 billion.
Research analyst Matteo Greco from Fineqia International attributes the growing demand for Bitcoin ETFs to Bitcoin’s 8% surge last week, closing at around $52,150. In contrast, Gold ETFs experienced net outflows possibly due to global investors’ increasing interest in U.S. equity.
Daily Bitcoin ETF Trading Volume Surges to $2 Billion, Highest Since Day One
Bitcoin (BTC) exchange-traded funds (ETFs) in the United States have witnessed a remarkable surge in trading volume, reaching the highest levels since their debut last month.
According to Bloomberg Intelligence senior ETF analyst Eric Balchunas, the volume amounted to nearly $2 billion, the highest level since the first day of trading on January 11.
VanEck’s HODL ETF Sees 14x Increase in Daily Volume
Among the leading Bitcoin ETFs, VanEck’s HODL ETF recorded just under $400 million in trading volume, while WisdomTree Bitcoin Fund (BTCW) saw $221.9 million and BitWise’s ETF had $178.29 million.
Balchunas pointed out that VanEck’s HODL ETF was particularly active, with $258 million in volume, representing a 14-fold increase over its daily average.
Notably, this surge in volume was driven by 32,000 individual trades, which is 60 times higher than its average.
The spike in trading volume can be attributed, in part, to the closure of U.S. markets on Monday for Presidents’ Day.
Trades conducted over the weekend were settled on the first day of the workweek, contributing to the increased volume.
While Bitcoin ETFs continue to gain momentum, the price of Bitcoin itself is currently trading just above $52,200, as the U.S. trading day concludes.
As reported earlier, spot Bitcoin ETFs witnessed a substantial influx of approximately $2.3 billion last week, nearly doubling the previous week’s inflow of $1.2 billion.
These inflows accounted for almost half of the total net inflow since the inception of BTC ETFs, which currently stand at approximately $5 billion.
According to Matteo Greco, research analyst at digital asset investment firm Fineqia International, the growing demand for BTC ETFs has fueled Bitcoin’s surge last week, which saw the leading cryptocurrency gain around 8% to close at approximately $52,150.
Gold ETFs Bleed as Bitcoin ETFs Take the Soptlight
Meanwhile, there has been a net outflow from Gold ETFs, possibly driven by global investors’ growing demand for U.S. equity.
