VanEck’s Bitcoin ETF records 22x surge in a day

Trading volumes of VanEck’s HODL, one of the ten spot Bitcoin exchange-traded funds in the U.S. (ETF), surged over 2,200% on Tuesday. Analysts did not provide a clear explanation on the issue, stating that the increase in volume was not caused by a big whale and was due to money coming from the other investors.

VanEck’s Bitcoin ETF records 22x surge in a day

The demand for the HODL ETF from VanEck company surged unexpectedly and suddenly on Tuesday. HODL traded over $400 million in volumes on Tuesday, a 22x jump over its daily average of $17 million.

After the usual leaders, Grayscale’s GBTC and BlockRock’s IBIT, HODL had the third-largest volume.

Eric Balchunas: “Still haven’t figured out what happened” 

Eric Balchunas, a Bloomberg Intelligence analyst, said he is still haven’t figured out what happened with the VanEck ETF and stated:

“Given how sudden and explosive the increase in the number of trades was (500 trades Friday, 50,000 trades today), I’m wondering if some Reddit or TikTok influencer type recommended them to their followers. This spike wasn’t driven by a single large investor, which would be more usual, but rather by a massive influx of 32,000 individual trades. This represents a staggering 60 times the average number of trades for the HODL ETF. Still haven’t figured out what happened,”

On the other hand, Bitcoin spot ETFs received a net inflow of $135 million on Tuesday. While Grayscale raised to $137 million, BlackRock finished the day in first place with $154 million. Fidelity was in second place with $71 million.

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