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Home NewsLatest News VanEck Spot Bitcoin ETF Trading Volume Surges 14x Today

VanEck Spot Bitcoin ETF Trading Volume Surges 14x Today

by bitcoinews.us


A developer that has certainly confused many market observers, VanEcks Spot Bitcoin ETF ($HODL) has seen its trading volume surge 14x today. Indeed, Bloomberg analyst Erich Balchunas first identified the massive rally that the investment offering has faced today.

Balchunas noted that the ETF has seen more than $258 million in trading volume today. Moreover, he clarified that the development was not due to one large investor. Alternatively, he stated that there were 32,000 trades, which is 60x the product average. Ultimately, he shared that he was unable to explain the development.

Also Read: BlackRock Attracts Mainstream Investors To Invest in Bitcoin ETF

VanEck’s $HODL Sees Massive Trading Volume Surge

The digital asset market started 2024 with a landmark development. Indeed, the US Securities and Exchange Commission (SEC) reversed a decade-long trend and approved 11 Spot Bitcoin ETFs in the United States. Since then, these investment products have competed for the lion’s share of investor interest.

Today, that competition took a rather unexpected turn according to experts. Specifically, VanEck’s Spot Bitcoin ETF has seen its trading volume surge 14x today. First reported by Bloomberg analyst Eric Balchunas, the investment offering saw 32,000 trades take place today. That figure is 60x greater than its average.

Source: Cryptopotato.com

Also Read: US Banking Association Urging SEC for Spot Bitcoin ETF Custodianship

In a subsequent post, Balchunas reaffirmed the perplexity of the situation. “Typically, when the daily volume is greater than an ETF’s total assets (as in this case) it means one big creation,” Balchunas said. “I’ve never seen a grassroots trading explosion come out of nowhere like this.”

However, that isn’t where the confusion ended in Balchuna’s opinion. Indeed, WisdomTree’s Bitcoin Fund (BTCW) also saw its trading volume increase 12x. Specifically, it saw individual trades reach 23,000 which was 25x its average. Contextually, Balchunas notes that on Friday, BTCW only saw 221 trades. Ultimately, he referred to the developments as “unsolved mysteries” within the sector.





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