• Volume suddenly spiked as VanEck was set to lower fees on Bitcoin ETFs from 0.25% to 0.20%.
• The company’s HODL had the third-highest daily volume after Grayscale’s GBTC and BlackRock’s IBIT.

Trading volume of VanEck’s Bitcoin Trust (HODL), one of the top 10 Bitcoin (BTC) spot exchange-traded funds (ETFs) in the US, surged more than 2,200% on February 20 due to activity by retail traders. did.

HODL trading volume on the 20thOver 400 million dollars (approximately 60 billion yen, converted to 1 dollar = 150 yen), which was about 23 times the previous daily average of $17 million (approximately 2.55 billion yen). The numbers come ahead of a scheduled fee reduction on Feb. 21, when VanEck will lower its fees from 0.25% to 0.20%, according to the filing.

HODL’s trading volume was the third largest after leaders Grayscale’s GBTC and BlockRock’s IBIT. According to the data, the ETF held approximately $200 million worth of Bitcoin as of February 20th.

Eric Balchunas of Bloomberg Intelligence said at He said that it shows.

“Given the sudden and explosive increase in the number of transactions (500 on the 16th, 50,000 today), we wonder if influencers on Reddit or TikTok recommended it to their followers. ” Balciunas said. “It feels like a retail army.”

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 high volume contributed to the Bitcoin ETF’s highest volume since it went live in January, as reported.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜Original text: VanEck’s Bitcoin ETF Records 2,200% Volume Surge in a Day