Daily Bitcoin ETF Trading Volume Surges to $2 Billion, Highest Since Day One
Bitcoin (BTC) exchange-traded funds (ETFs) in the United States have witnessed a remarkable surge in trading volume, reaching the highest levels since their debut last month.
According to Bloomberg Intelligence senior ETF analyst Eric Balchunas, the volume amounted to nearly $2 billion, the highest level since the first day of trading on January 11.
Among the leading Bitcoin ETFs, VanEck’s HODL ETF recorded just under $400 million in trading volume, while WisdomTree Bitcoin Fund (BTCW) saw $221.9 million and BitWise’s ETF had $178.29 million.
Balchunas pointed out that VanEck’s HODL ETF was particularly active, with $258 million in volume, representing a 14-fold increase over its daily average.
Notably, this surge in volume was driven by 32,000 individual trades, which is 60 times higher than its average.
The Nine had biggest volume day since Day One with about $2b in combined trading thx to big contributions from $HODL, $BTCW and $BITB which all broke their personal records. For context $2b in trading would put them in Top 10ish among ETFs and Top 20ish among stocks. It's a lot. pic.twitter.com/547pIl5grI
— Eric Balchunas (@EricBalchunas) February 20, 2024
The spike in trading volume can be attributed, in part, to the closure of U.S. markets on Monday for Presidents’ Day.
Trades conducted over the weekend were settled on the first day of the workweek, contributing to the increased volume.
While Bitcoin ETFs continue to gain momentum, the price of Bitcoin itself is currently trading just above $52,200, as the U.S. trading day concludes.
As reported earlier , spot Bitcoin ETFs witnessed a substantial influx of approximately $2.3 billion last week, nearly doubling the previous week’s inflow of $1.2 billion.
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