Bloomberg analyst pointed out that nine ETFs set a new record for trading volume on the latest trading day, reaching approximately $2 billion, especially VanEck’s $HODL, which saw a trading volume surge of over 14 times, approaching $400 million.
(Prior Summary:
Long and short dual kill! Ethereum V breaks through $3,030, Bitcoin struggles at $53,000 and quickly plummets, Starknet oscillates at $2.)
(Background Supplement:
Institutions aggressively increase positions! Bitcoin spot ETF “weekly net inflow of £2.5 billion”, BTC mining difficulty explodes by 8.24%.)
Since its listing on January 11th, the Bitcoin spot ETF has maintained a consistently active trading activity. According to Bloomberg ETF analyst Eric Balchunas, in a post early this morning (21st), the trading volume of the nine ETFs (excluding GBTC) reached the highest daily trading volume since their inception, reaching approximately $2 billion.
This significant trading volume is mainly attributed to the notable contributions of VanEck’s $HODL, WisdomTree’s $BTCW, and Bitwise’s $BITB, all of which have broken their respective records, reaching $399 million, $221 million, and $178 million respectively.
The trading volume of $HODL has surged more than 14 times.
Regarding the surge in trading volume of $HODL, reaching $258 million (a 14-fold increase from its average daily trading volume), he speculates that this was not driven by a single large investor but rather consists of 32,000 individual transactions, which is 60 times its average daily transaction count.
For this sudden and explosive growth in trading, he currently does not have a definitive explanation and can only speculate on two possible reasons:
It could be that a Reddit or TikTok influencer recommended the product to their followers, which resembles the behavior of retail investors banding together.
Another theory is that this could be trading between market makers. However, he also points out that the liquidity of $IBIT and $BITO is stronger, and it is unclear why institutions would choose to do this.
Bitcoin spot ETFs have attracted over 100,000 BTC
In terms of fund flows, according to Lookonchain’s statistical data, ARK Invest’s $ARKB and Fidelity’s $FBTC saw the most significant increase in funds inflow yesterday, with an increase of 2,700 BTC (worth about $138 million) and 2,252 BTC (worth about $115 million) respectively. Excluding GBTC, the eight ETFs collectively added 5,008 BTC, worth approximately $256 million.
In addition, the latest fund outflow from GBTC is $137 million. From the chart drawn by @Sinz_Bitguide, it can be seen that the initial outflow trend of funds from GBTC seems to be gradually diminishing.
Since the listing of the Bitcoin spot ETF, the product has seen a net inflow of 107,401 BTC, which is worth approximately $5.584 billion based on the current price of $52,000.
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