April 19, 2024
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Bitcoin ETF Trading Spikes to Busiest Session Since January Debut

Bloomberg exchange-traded funds analyst Eric Balchunas noted a particular uptick in volume for HODL and BTCW.

Bitcoin (BTC) exchange-traded funds recorded their busiest trading session since their U.S. debut last month, with volume reaching nearly $2 billion. VanEck’s HODL ETF, WisdomTree Bitcoin Fund (BTCW), and BitWise’s ETF all saw significant trading activity, attributed to the U.S. markets being closed for Presidents’ Day. The price of bitcoin itself is hovering above $52,200 as the U.S. trading day ends.

Institutional investors’ strong inflow into Bitcoin ETFs suggests a risk-on sentiment, while Gold ETFs have experienced outflows since the launch of Bitcoin ETFs. This shift does not necessarily imply a direct migration of funds from gold to bitcoin. Greta Yuan, head of research at VDX, noted the rising demand for U.S. equity and predicted continued growth for BTC and ETH ahead of bitcoin halving.

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