Spot Bitcoin ETF: VanEck’s HODL Sees Shocking 14x Volume Jump

Godfrey Benjamin
February 21, 2024
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VanEck Advocates Bitcoin DCA Ahead Of Potential US Election-Fueled ATH

Highlights

  • VanEck has recorded a massive jump in its daily trading volume
  • The firm's HODL ETF printed a $258 million jump
  • The trading volume boost came from multiple trades rather than a lumpsum

VanEck’s spot Bitcoin ETF has exceeded $300 million in trading volume marking a surge of over ten times compared to its previous best trading day. According to data from Yahoo Finance, the ETF reached its previous high daily trading volume of $25.5 million on its launch day – January 11.

Senior ETF Analyst at Bloomberg, Eric Balchunas, took to social media platform X to express surprise over the staggering trading volumes witnessed with certain spot Bitcoin ETFs recently.

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The VanEck Spot Bitcoin ETF Leap

The VanEck performance witnesses unprecedented figures from more than thirty thousand trades. 

In a statement shared on X, Balchunas noted that “$HODL is going wild today with $258 million in volume already, a 14x jump over its daily average.”

The surprising event for Balchunas was the fact that this surge was driven by 32,000 individual trades, which was a stark increase of 60 times compared to its usual activity.

Balchunas speculated on possible explanations for this sudden spike, considering whether the VanEck spot Bitcoin ETF was added to a new platform over the weekend. He also mentioned the unusual scenario where the daily trading volume surpassed the total assets of the ETF, suggesting a significant influx of new investments.

Over the weekend, VanEck had strategically advanced its proposal for a spot Ethereum ETF by submitting its S1-A form to the United States Securities and Exchange Commission (SEC). 

The indices all point to a good run for VanEck as it concerns its spot Bitcoin ETF and other related products.

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Bitcoin Price Forecast

Balchunas questioned the rationale behind attributing this surge to selling due to a decline in Bitcoin’s price, emphasizing that such assumptions overlook the diverse range of Bitcoin holders beyond ETFs. 

He highlighted the inconsistency of labeling the activity as “dumping” when Bitcoin had recently rallied by 20% and was only down 1%.

Meanwhile, Michaël van de Poppe, a respected cryptocurrency analyst, has boldly forecasted a Bitcoin price surge to $150,000 following a significant correction. 

The unprecedented trading surge in these spot Bitcoin ETF products has left analysts and industry observers scratching their heads, raising questions about the underlying factors driving this sudden influx of trading activity in the crypto market. At the moment, Bitcoin’s price is up 0.50% to $51,940.94.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.