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VanEck's HODL Bitcoin ETF Trading Volume Surges Over 2,200% Amid Retail Mania

21/02/2024 16:11

BTC

IBIT

According to CoinDesk, trading volumes of VanEck's HODL, one of the ten spot bitcoin (BTC) exchange-traded funds (ETF) in the U.S., surged over 2,200% on Tuesday. HODL traded over $400 million in volumes, a 22-fold jump over its daily average of $17 million. The surge came ahead of a planned fee cut on Wednesday, when VanEck will reduce its offering fees from 0.25% to 0.20%, as per a filing. HODL's volumes were the third-largest after Grayscale's GBTC and BlockRock's IBIT, the usual leaders. The ETF now holds nearly $200 million worth of bitcoin as of February 20. Bloomberg Intelligence analyst Eric Balchunas said that the volumes came from 32,000 individual trades instead of one big investor, showing signs of a retail mania. Balchunas speculated that the sudden increase in the number of trades could be due to a Reddit or TikTok influencer recommending the ETF to their followers. HODL's unusually large volumes contributed to the bitcoin ETFs posting their highest volume day since going live in January.

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