Posted 2/20/2024, 7:57:57 PM
Bitcoin ETFs See Mysterious Volume Surge as Grassroots Traders Flock to $HODL and BTCW
- VanEck's Spot Bitcoin ETF (ticker $HODL) saw a 14x surge in trading volume today to over $258 million
- The increase was driven by 32,000 individual trades, 60x higher than the product's daily average
- Bloomberg analyst Eric Balchunas highlighted the "grassroots trading explosion" as perplexing and coming "out of nowhere"
- WisdomTree's Bitcoin ETF (ticker BTCW) also saw a 12x increase in volume with 23,000 trades, 25x its average
- The sudden volume surges in Bitcoin ETFs were referred to as "unsolved mysteries" in the sector