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 $25.5 million on its launch day – January 11.
Senior ETF Analyst at Bloomberg, Eric Balchunas, took to social media platform X to express surprise over the staggering trading volumes witnessed with certain spot Bitcoin ETFs recently.
The VanEck performance witnesses unprecedented figures from more than thirty thousand trades.
In a statement shared on X, Balchunas noted that “$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.
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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