The Spot Bitcoin ETF from the large VanEck had a very special day yesterday. Trading volume in the ETF quite suddenly shot up by 1,400 percent compared to the previous days.
But why? That’s the question analysts are asking themselves now.
Gigantic trading volume for VanEck
VanEck’s bitcoin fund with the ticker “HODL” saw trading volume of $258 million yesterday. That is an increase of almost 1,500 percent compared to the day before.
$HODL is going wild today with $258m in volume already, a 14x jump over its daily average, and it’s not one big investor (which would make sense) but rather 32,000 individual trades, which is 60x its avg. Not sure how to explain.. maybe it was added to a platform over wknd ? pic.twitter.com/VTkjboS0ff
— Eric Balchunas (@EricBalchunas) February 20, 2024
The special thing about this increase in trading volume is that it is not just one large investor. 32,000 individual trades took place with VanEck’s Spot Bitcoin ETF.
That number is about 60x higher than the average for the asset manager’s Spot Bitcoin ETF. It is not entirely clear where this sudden increase comes from, but it is possible that VanEck has been added to a trading platform somewhere in the world.
2/20 Bitcoin ETF Flow data:$GBTC -$137m$ARKB +$27m$HODL +$6m$BITB +$11m
— HODL15Capital 🇺🇸 (@HODL15Capital) February 21, 2024
The inflow for February 20 was not necessarily very impressive for HODL. According to HODL15Capital, this involved approximately $6 million for VanEck’s fund.
17th consecutive day of positive flow for Bitcoin ETFs
Once BlackRock’s results are in, it’s safe to say that February 20 was another day of positive flows for the Spot Bitcoin ETFs. If that happens, it will be the 17th consecutive day of net inflows for the Spot ETFs.
That’s special because the stock market took a hit yesterday and fell.
It is currently known that Grayscale had an outflow of $137 million. This is currently offset by inflows of 27, 6, 1, 72 and 2 million dollars from Ark Invest, VanEck, Bitwise and Fidelity, among others.
This brings the inflows to date to $108 million, leaving a cautious outflow of $29 million without BlackRock. However, there is a good chance that BlackRock closed that gap yesterday.
Last week an RIA managing $BITB at 3% for conservative models and 5% for aggressive.
Exciting to continue to see model inclusions with several RIAs.
[BITB prospectus & disclosures: https://t.co/pAJUG8aACE]
— Hunter Horsley (@HHorsley) February 20, 2024
Interestingly, more and more fund managers are adding Spot Bitcoin ETFs to their portfolios. Last week, a fund manager with less than $500 million under management decided to add 3 percent of BITB to conservative models and 5 percent to more aggressive models.
Source: https://bitcoinmagazine.nl/nieuws/handelsvolume-vaneck-bitcoin-etf-schiet-1-400-omhoog
