There was a surprising and sudden increase in demand for VanEck company’s HODL ETF yesterday. The fund, whose average daily volume is around 16-17 million dollars under normal conditions, reached a volume of 400 million dollars.
The volume of the fund called HODL finished the day in 3rd place after the volume of Grayscale and BlackRock products.
Eric Balchunas: I still don’t understand
Speaking on the subject, Bloomberg ETF analyst Eric Balchunas stated that he did not fully understand what was going on with the VanEck ETF and said:
“I still don’t understand what happened. Nobody knows either. The number of transactions, which was 500 on Friday, increased to 50 thousand today (yesterday). I wonder if a Reddit or TikTok celebrity recommended this fund to their followers. It is obvious that this volume did not come from a single large investor… There are 32 thousand individual transactions. Equal to 60 times the average. Maybe the product was listed on a platform over the weekend. “I don’t know how to explain it.”
On the other hand, Bitcoin spot ETFs received a net inflow of $135 million on yesterday’s trading day. While Grayscale raised a fund of $137 million, BlackRock finished the day in first place with $154 million. Fidelity was in second place with $71 million.
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Source: https://uzmancoin.com/bitcoin-etf-hodl-vaneck-hacim/
