Ethereum

Bitcoin ETF

Bitcoin

VanEck’s spot Bitcoin ETF jumped 14 times its daily average volume a day before the firm plans to implement a fee cut, reducing entry cost from 0.25% to 0.2%. 
According to Bloomberg’s Eric Balchunas, the VanEck Bitcoin Trust ETF (HODL) had over $258 million in trading volume on Feb. 20 from 32,000 individual traders. Balchunas noted that VanEck’s volume and traders were much higher than the average numbers of the firm’s new exchange-traded fund.&nbsp; 
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 I’ve never seen a grassroots trading explosion come out of nowhere like this. <cite>Eric Balchunas on <a href="https://x.com/EricBalchunas/status/1759990104339226806?s=20" target="_blank">X</a></cite>
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According to Yahoo Finance, VanEck’s previous high was about $25 million recorded on Jan. 11, the first-day spot <a href="https://crypto.news/tag/bitcoin-etf/" target="_blank" rel="noreferrer noopener">Bitcoin ETFs</a> traded in the United States. Since then, VanEck has been outpaced in volume and net flows by BlackRock, Fidelity, and Grayscale. 
 You might also like: <a href="https://crypto.news/spot-bitcoin-etf-takes-center-stage-but-what-really-lies-ahead-opinion/"> Spot Bitcoin ETF takes center stage, but what really lies ahead? | Opinion </a> 
However, the issuer has moved to stay competitive by lowering its fees. VanEck’s filing with the U.S. SEC shows that its slashed fee will come into effect on Feb. 21, allowing the firm to offer lower fees than spot BTC ETF leader BlackRock, which charges 0.25% alongside Fidelity.&nbsp; 
The company also <a href="https://crypto.news/vaneck-to-liquidate-bitcoin-futures-etf/">liquidated</a> its Bitcoin futures ETF to consolidate resources around its latest crypto-based offering. VanEck will also allocate 5% of its HODL ETF profits to <a href="https://crypto.news/vaneck-to-support-bitcoin-developers-using-etf-profits/" target="_blank" rel="noreferrer noopener">support</a> Bitcoin core developers.&nbsp; 
A similar strategy was implemented with its Ethereum futures ETF, as the issuer <a href="https://crypto.news/vaneck-to-donate-10-of-etf-profits-to-ethereum-contributors/" target="_blank" rel="noreferrer noopener">pledged</a> 10% of its profits to the Ethereum Protocol Guild for the next decade. VanEck also has a <a href="https://x.com/jseyff/status/1758602942158876840?s=46&amp;t=TMI07H21nqgKjjcESnhqEQ" target="_blank" rel="noreferrer noopener">pending</a> spot Ethereum ETF filing with the SEC.&nbsp; 
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 Just had <a href="https://twitter.com/vaneck_us?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@vaneck_us</a> submit an updated S-1A for their spot <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Ethereum</a> ETF filing. <a href="https://t.co/eHn3iCYuQu" target="_blank">pic.twitter.com/eHn3iCYuQu</a>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1758602942158876840?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 16, 2024</a>
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 Read more: <a href="https://crypto.news/standard-chartered-foresees-ethereum-etf-approval-by-may-23/"> Standard Chartered foresees Ethereum ETF approval by May 23 </a>

VanEck’s Bitcoin ETF sees 1,000% daily volume spike in fee cut anticipation

crypto.news

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