Summary
TLDR: US spot bitcoin ETFs saw all-time high volumes after record inflow week for crypto investment products. Bitwise Bitcoin ETF, VanEck Bitcoin Trust ETF, and WisdomTree Bitcoin Fund all experienced significant spikes in trading volumes. BlackRock and Fidelity’s bitcoin ETFs led in inflows. Analysts predict continued success for bitcoin ETFs but expect some calming down in the future.
Key Points
1. Following a record inflow week for crypto investment products, several US spot bitcoin ETFs saw all-time high volumes on Tuesday. Investors traded a record 6.3 million shares — worth roughly $179 million — of the Bitwise Bitcoin ETF (BITB) on Tuesday.
2. The VanEck Bitcoin Trust ETF (HODL) saw its trading volume reach 6.8 million shares, or $400 million, on Tuesday. The volumes (in dollar value) were about 16 times greater than the ETF saw on Jan. 11, its first day of trading. WisdomTree’s Bitcoin Fund (BTCW) also saw a similar surge, as its trading volumes eclipsed 4 million shares, or about $220 million — about 20 times its average daily volume.
3. Overall, US spot bitcoin ETFs — excluding the Grayscale Bitcoin Trust ETF (GBTC) — saw about $2 billion in trading volumes. The high volumes came after inflows into crypto investment products hit a record $2.45 billion last week, according to CoinShares data.