Nine Bitcoin ETFs Hit Record Trading Volume, BTC Surpasses $53K and ETH Reaches $3,000
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Trading Volume of Nine Bitcoin Spot ETFs Reaches Historic High
Surge in ETF Trading Volume
ETH Touches the $3,000 Milestone
Trading Volume of Nine Bitcoin Spot ETFs Reaches Historic High
According to Eric Balchunas, an ETF analyst at Bloomberg, the trading volume of nine Bitcoin spot ETFs (excluding Hashdex and GBTC) reached nearly $2 billion on the evening of the 20th, setting a new historical high since the first day of trading on January 11th.
Among them, HODL, BTCW, and BITB each reached record-high trading volumes, as follows:
VanEck (HODL): Close to $400 million
WisdomTree (BTCW): $221.9 million
BitWise (BITB): $178.29 million
Surge in ETF Trading Volume
Eric Balchunas stated:
The $2 billion trading volume will place them among the top 10 ETFs and around the top 20 in terms of trading volume on the US stock market. It’s really high. HODL has grown more than 14 times its average daily trading volume, and this is not from a single large investor, but from 32,000 individual trades, which is 60 times the average level.
In addition, BTCW suddenly had about 23,000 independent trades (compared to only 221 trades last Friday), with a trading volume of $154 million, which is 12 times the average and 25 times the total asset size.
GBTC saw an outflow of approximately $137 million.
ETH Touches the $3,000 Milestone
The strong performance of ETFs caused Bitcoin and Ethereum to briefly reach $53,006 and $3,033, respectively, last night, before pulling back to $52,103 and $2,997.
Some analysts attribute the performance of Bitcoin ETFs to the outflow from gold ETFs. However, previous reports have indicated that S&P 500 index ETFs such as IVV and VOO have also seen inflows of over $10 billion, suggesting that the claim of all outflows from gold ETFs flowing into Bitcoin ETFs seems somewhat unreasonable.
(
Gold ETF Outflows to Bitcoin? Is BTC Digital Gold or a Risk Asset?
)
Furthermore, February 19th happened to be Presidents Day in the United States, leading to February 20th being the first trading day since last Friday. This is also speculated to be one of the potential reasons for the surge in ETF trading volume.
ETF
Ethereum
Bitcoin
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Gold ETF Outflows to Bitcoin? Is BTC Digital Gold or a Risk Asset?
Bitcoin ETFs See 14 Consecutive Days of Net Inflows, BlackRock and Bitwise Close to GBTC in Asset Size.
