HODL

Bitcoin ETF

Bitcoin

<p><strong>The crypto market witnessed another frenzy this Tuesday, as trading volumes for the VanEck Bitcoin ETF (HODL) surged by over 2200% in a single day. Propelling HODL to the third most traded ETF rank, behind Grayscale’s GBTC and BlackRock’s IBIT.</strong><em>&nbsp;</em></p>
<h2 id="h-a-massive-influx-of-retail-traders-leads-to-a-volume-explosion">A Massive Influx of Retail Traders Leads to a Volume Explosion</h2>
<p>According to data, HODL traded over $400 million in volume on Tuesday, which is 22 times its <a href="https://www.cointribune.com/en/bitcoin-etf-daily-volume-exceeds-2-billion/" target="_blank" rel="noopener noreferrer nofollow">average daily volume</a> of $17 million. This sudden surge seems to have been driven by an army of small retail traders, rather than by a large institutional investor.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>While the exact source remains unknown, it appears that a popular crypto influencer may have spotlighted HODL to their fan base, thereby triggering a rush to the Bitcoin ETF. It would not be the first time that such a buying frenzy is triggered on social media.</p>
<h2 id="h-vaneck-s-fee-reduction-fuels-trader-interest">VanEck’s Fee Reduction Fuels Trader Interest&nbsp;</h2>
<p>This surge in volume comes just before <a href="https://www.vaneck.com/fr/fr/investissements/crypto-etf/" target="_blank" rel="noopener noreferrer nofollow">VanEck</a> reduces its fees on HODL, going from 0.25% to 0.20% starting this Wednesday. This cost reduction has likely boosted the interest of retail traders in the Bitcoin ETF.</p>
<p>The combination of viral recommendation and fee reduction seems to have created the perfect storm for triggering a buying frenzy. Small crypto traders have rushed to buy shares of HODL before the lower fees take effect.</p>
<p>This surge in volume has propelled Bitcoin ETFs as a whole to their highest level of daily transactions since their launch in January.&nbsp;</p>
<h2 id="h-bitcoin-fervor-is-back"><strong>&nbsp;</strong>Bitcoin Fervor is Back</h2>
<p>This episode is eerily reminiscent of the 2017 bull run frenzy, when Bitcoin reached its all-time high of nearly $20,000. Although prices are currently far from those peaks, the speculative excitement around Bitcoin seems to be back.</p>
<p>If this explosive interest in Bitcoin ETFs continues, it could signal the beginning of a new bullish run. More and more individual investors are being drawn by the potential for rapid wealth creation offered by this crypto.</p>
<p>It remains to be seen whether this sudden surge in volumes on HODL is just an isolated flash in the pan, or a precursor sign of mass adoption of Bitcoin. For now, the crypto market is holding its breath.</p>
<p>This mysterious spike in volumes on the VanEck Bitcoin ETF illustrates just how sensitive the Bitcoin market remains to speculation and crowd behavior. Is a viral recommendation and a <a href="https://www.cointribune.com/en/crypto-stablecoins-and-defi-will-explode-thanks-to-the-feds-reductions/" target="_blank" rel="noopener noreferrer nofollow">fee reduction</a> enough to set off a crypto buying frenzy?&nbsp;</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="2">
 </div>
</div>

VanEck’s Bitcoin ETF explodes by 2200%! BlackRock in panic!

Indice dei contenuti

Cointribune EN

Altri articoli pubblicati su 21 feb 2024

XDFi, World’s First Compliant Decentralized Futures Protocol, to Launch on Flare Network (21 Feb)

Bitget Lists Autonolas (OLAS) Token to its Trading Platform (21 Feb)

Yuga Labs co-founder Greg Solano takes the helm as CEO

International Operation Shuts Down LockBit, World’s Most Prolific Cyber Crime Group

Is Altcoin Season Upon Us? Here’s What Bitcoin’s Performance Shows

Circle, Tron Part Ways? USDC Minting on Tron Blockchain Ceased

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!