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Bitcoin Spot ETF Trading Volume Hits Historic High
ETF Trading Volume Surges
ETH Breaks $3,000 Mark
Bitcoin Spot ETF Trading Volume Hits Historic High
According to Bloomberg ETF analyst Eric Balchunas, the trading volume of nine Bitcoin spot ETFs (excluding Hashdex and GBTC) approached $2 billion on the evening of the 20th, setting a new record since the first day of trading on January 11th.
Among them, HODL, BTCW, and BITB all reached new highs in trading volume, as follows:
VanEck (HODL): Nearly $400 million
WisdomTree (BTCW): $221.9 million
BitWise (BITB): $178.29 million
ETF Trading Volume Surges
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 the US stock market. It’s really high. HODL has grown more than 14 times its average daily trading volume, and it’s 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 asset size.
GBTC saw an outflow of approximately $137 million.
ETH Breaks $3,000 Mark
The strong performance of ETFs led to Bitcoin and Ethereum briefly reaching $53,006 and $3,033, respectively, last night before retracing to $52,103 and $2,997.
Some analysts attribute the performance of Bitcoin ETFs to the outflow of gold ETFs. However, previous reports have indicated that S&P 500 index ETFs such as IVV and VOO have also seen inflows of over $10 billion, suggesting that the claim that the outflow from gold ETFs all went into Bitcoin ETFs seems unlikely.
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Gold ETF Funds Flowing into Bitcoin? Is BTC Digital Gold or a Risk Asset?
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Furthermore, February 19th happened to be the annual Presidents Day in the United States, which resulted in 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.
ETF
Ethereum
Bitcoin
Further Reading
Gold ETF Funds Flowing into Bitcoin? Is BTC Digital Gold or a Risk Asset?
Bitcoin ETFs See 14 Consecutive Days of Net Inflows, BlackRock and Bitwise Asset Sizes Closely Follow GBTC