Bitcoin (BTC) exchange-traded funds have seen the highest volume of trading, since their introduction to the US market last month.
Volume was close to $2 billion, which is the most since the first trading day on January 11, according to senior ETF analyst Eric Balchunas of Bloomberg Intelligence, who made the observation on X.
The WisdomTree Bitcoin Fund (BTCW) witnessed $221.9 million in trades, BitWise had $178.29 million, while VanEck’s HODL ETF recorded slightly less than $400 million in volume.
According to Balchunas, VanEck’s HODL, “is going wild today with $258 million in volume already, a 14x jump over its daily average.” He also said, “And it’s not one big investor (which would make sense) but rather 32,000 individual trades, which is 60x its average.”
There have been suggestions that the rise may have resulted from trades made over the weekend being completed on the first day of the workweek because U.S. markets were closed on Monday due to Presidents’ Day. As the U.S. closes its trading day, the price of bitcoin is currently slightly over $52,200.
According to Greta Yuan, head of research at VDX, a regulated Hong Kong exchange, “The strong Bitcoin ETF inflow by institutional investors indicates risk-on sentiment. Meanwhile, Gold ETFs have seen a net outflow. The outflow of gold ETFs might be due to global investors’ rising demand for US equity.”
Since the introduction of ten spot bitcoin exchange-traded funds (ETFs) on January 11, gold ETFs have seen substantial withdrawals.
Also Read: Bitcoin ETFs Drive Record Inflows, Boosting AUM to $59B
