Share this article
VanEck's Bitcoin ETF Records 2,200% Volume Surge in a Day
A sudden trading volume on VanEck’s HODL product seemed “retail armyish,” one analyst said.
Updated Mar 8, 2024, 9:52 p.m. Published Feb 21, 2024, 8:05 a.m.
- The sudden jump in volume comes as VanEck is set to reduce its offering fees to 0.20% from 0.25% on Wednesday.
- HODL had the third-largest daily volume, behind Grayscale’s GBTC and BlockRock’s IBIT.
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 in a move driven by individual traders.
HODL traded over $400 million in volumes on Tuesday, a 22-fold jump over its daily average of $17 million. The figures came ahead of a planned fee cut on Wednesday, when VanEck will reduce its offering fees from 0.25% to 0.20%, as per a filing.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
HODL’s volumes were the third-largest after Grayscale’s GBTC and BlockRock’s IBIT, the usual leaders. The ETF now holds nearly $200 million worth of bitcoin as of Feb.20, data shows.
Bloomberg Intelligence analyst Eric Balchunas said on X that the volumes came from 32,000 individual trades instead of one big investor – showing signs of a retail mania.
“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,” Balchunas said. “Feels retail army-ish.”
Still haven't figured out what happened. No one knows. Given how sudden and explosive the increase in 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. Feels retail army-ish. https://t.co/WazxSSgFjR
— Eric Balchunas (@EricBalchunas) February 20, 2024
HODL’s unusually large volumes contributed to the bitcoin ETFs posting their highest volume day since going live in January, as reported.
More For You
Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
More For You
This article is created to test tags being added to image overlays
Dek: This article is created to test tags being added to image overlays
What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
Top Stories
