BTC ETF Trading Volume Reaches Record High with 9 Bites, BTC Hits 53K, ETH Surpasses $3,000

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Trading Volume of Nine Bitcoin Spot ETFs Reaches an All-Time High
Surge in ETF Trading Volume
ETH Touches the $3,000 Milestone
Trading Volume of Nine Bitcoin Spot ETFs Reaches an All-Time High
According to Eric Balchunas, an ETF analyst at Bloomberg, the trading volume of nine Bitcoin spot ETFs (excluding Hashdex and GBTC) approached $2 billion on the evening of the 20th, reaching a new all-time high since the first day of trading on January 11th.
The trading volume of HODL, BTCW, and BITB each reached new highs, as follows:
VanEck (HODL): Nearly $400 million
WisdomTree (BTCW): $221.9 million
BitWise (BITB): $178.29 million
Surge in ETF Trading Volume
Eric Balchunas stated:
The $2 billion trading volume will place them among the top 10 ETFs and around the top 20 in terms of trading volume in US stocks. It’s really high. HODL has grown more than 14 times its average daily trading volume, and this is not from a single large investor, but from 32,000 individual trades, which is 60 times the average level.
In addition, BTCW suddenly had about 23,000 independent trades (only 221 trades last Friday), with a trading volume of $154 million, which is 12 times the average and 25 times the total assets under management.
GBTC saw an outflow of about $137 million.
ETH Touches the $3,000 Milestone
The strong performance of ETFs caused Bitcoin and Ethereum to briefly touch $53,006 and $3,033, respectively, last night, before pulling back to $52,103 and $2,997.
Some analysts attribute the performance of Bitcoin ETFs to the outflow from gold ETFs. However, previous reports indicated that S&P 500 index ETFs such as IVV and VOO also saw inflows of over $10 billion, suggesting that the claim of outflows from gold ETFs flowing entirely into Bitcoin ETFs seems somewhat unreasonable.
(
Gold ETF Outflows to Bitcoin? Is BTC Digital Gold or a Risk Asset?
)
Furthermore, February 19th happened to be Presidents Day, an annual holiday in the United States, which led to the evening of February 20th being the first trading day since last Friday. This is also speculated to be one of the potential reasons for the surge in ETF trading volume.
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