VanEck's Bitcoin ETF Records 2,200% Volume Surge in a Day
Summary
VanEck's HODL, a spot bitcoin exchange-traded fund (ETF), saw its trading volumes surge over 2,200% on Tuesday, reaching over $400 million. This increase was a significant jump from its daily average of $17 million. The surge came ahead of a planned fee reduction from 0.25% to 0.20%. HODL's volumes were the third-largest after Grayscale's GBTC and BlockRock's IBIT. The ETF now holds nearly $200 million worth of bitcoin. The increase in volumes resulted from 32,000 individual trades, suggesting a retail mania possibly driven by social media influencers. This surge contributed to the highest volume day for bitcoin ETFs since their launch in January.
