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Home»ADOPTION NEWS»VanEck’s spot Bitcoin ETF trading volume surged more than 1000% the day before the fee cut took effect.
ADOPTION NEWS

VanEck’s spot Bitcoin ETF trading volume surged more than 1000% the day before the fee cut took effect.

By Crypto FlexsFebruary 21, 20243 Mins Read
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VanEck’s spot Bitcoin ETF trading volume surged more than 1000% the day before the fee cut took effect.
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Less than a week after VanEck announced that it would lower the fees it charges on spot Bitcoin ETFs, the investment manager’s fund has seen a huge surge in trading volume.

On Tuesday, VanEck’s Spot Bitcoin ​ETF topped $300 million in trading volume as of 1:50 PM ET. This is more than 10 times the volume on our best day to date. VanEck’s cryptocurrency-backed ETF hit an all-time high of $25.5 million in daily trading volume when it launched on January 11, according to Yahoo Finance data compiled by The Block.

Bloomberg Senior ETF Analyst Eric Balchunas went to To express surprise at how well the fund is performing. VanEck’s ETF is “already seeing a frenzy today with $258 million in trading volume, 14x better than the daily average,” he posted. “And it’s not just one big investor (which makes sense), it’s 32,000 individual transactions, averaging 60x.”

“Because ETFs trade on secondary markets, it can be difficult to know who is buying them and why,” Ed Lopez, head of ETF products at VanEck, told The Block. “Today’s trading showed tremendous volume at tight spreads, which is ultimately what you want from an ETF, regardless of whether the market is bullish or bearish.”

VanEck’s ETFs have struggled to keep pace with products offered by dominant BlackRock, Fidelity and Grayscale in terms of daily trading volume since the new financial products were launched last month. BlackRock and Fidelity both charge a 0.25% fee for their products, but the fee is partially waived for early investors. Last week, VanEck notified the Securities and Exchange Commission that it would lower its fees from 0.25% to 0.20% starting Feb. 21, or tomorrow, in a sign that it potentially wants to compete on price.

“We have publicly applied to lower HODL’s fees and have seen strong interest in our funds, including significant participation from retail investors,” Lopez said.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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