VanEck Spot Bitcoin ETF Trading Volume Increased 14 Times In Just One Day
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Read more: Bitcoin Spot ETF and Futures ETF: Differences To Make The Right Investment Choice
On February 20, VanEck spot Bitcoin ETF recorded a staggering $258 million in trading volume, marking a nearly 15-fold increase compared to the previous day’s volume. This surge is particularly notable as it comprises 32,000 individual trades, rather than stemming from a single large investor, according to Bloomberg Intelligence’s Eric Balchunas.
VanEck spot Bitcoin ETF has faced stiff competition from industry giants like BlackRock, Fidelity, and Grayscale, which have dominated daily trading volumes since the introduction of new financial instruments last month.
To potentially enhance its competitiveness, VanEck announced a fee reduction from 0.25% to 0.20%, effective February 21st. This move aligns with its filing to the Securities and Exchange Commission (SEC) to lower the fee for VanEck spot Bitcoin ETF by five basis points.
The surge in trading volume for VanEck’s and WisdomTree’s spot BTC ETFs coincides with a significant uptick in the price of Bitcoin, which has surpassed $52,000 since the SEC approved multiple spot BTC ETFs on January 10th.
These developments highlight the growing interest and activity surrounding Bitcoin-based financial products, with investors showing increased confidence in ETFs tied to the cryptocurrency. VanEck’s fee reduction could further attract investors seeking cost-effective exposure to Bitcoin, positioning the ETF to capitalize on the evolving market dynamics.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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