Bitcoin
(BTC)
exchange-traded
funds
posted
the
most
trading
since
their
debut
in
the
U.S.
last
month.
Volume
amounted
to
nearly
$2
billion,
the
highest
total
since
the
first
day
of
trading
on
Jan.
11,
Bloomberg
Intelligence
senior
ETF
analyst
Eric
Balchunas
noted
on
X.
VanEck’s
HODL
ETF
posted
just
under
$400
million
in
volume,
WisdomTree
Bitcoin
Fund
(BTCW)
saw
$221.9
million
in
trades
and
BitWise’s
had
$178.29
million.
Balchunas
posted
that
VanEck’s
HODL
“is
going
wild
today
with
$258
million
in
volume
already,
a
14x
jump
over
its
daily
average.”
“And
it’s
not
one
big
investor
(which
would
make
sense)
but
rather
32,000
individual
trades,
which
is
60x
its
average,”
he
continued.
It
has
been
suggested
that
the
reason
for
the
spike
could
be
that
U.S.
markets
were
closed
on
Monday
for
Presidents’
Day,
and
trades
over
the
weekend
were
settled
on
the
first
day
of
the
workweek.
As
for
the
price
of
bitcoin
itself,
it’s
changing
hands
just
above
$52,200,
according
to
CoinDesk
Indicies
data,
as
the
U.S.
ends
its
trading
day.
“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,”
Greta
Yuan,
head
of
research
at
VDX,
a
regulated
Hong
Kong
exchange,
wrote
in
an
email
interview.
Gold
ETFs
have
experienced
significant
outflows
since
the
launch
of
10
spot
bitcoin
ETFs
on
Jan.
11,
with
nearly
$10
billion
in
inflows
into
the
two
largest
bitcoin
ETFs,
although
this
does
not
necessarily
imply
a
direct
migration
of
funds
from
gold
to
bitcoin,
CoinDesk
previously
reported.
“While
U.S.
equity
keeps
going
higher,
led
by
AI
stocks,
we
will
likely
see
BTC,
ETH
keep
reaching
higher
ahead
of
bitcoin
halving,”
she
continued.
