Bitcoin ETF

Spot

BlackRock

<ul> 
 <li>VanEck’s spot BTC ETF achieved its previous high of daily trading volume when it debuted.</li> 
 <li>The trading volume of VanEck’s spot bitcoin ETF had topped $300 million on Tuesday.</li> 
</ul> 
A huge increase in trading volume occurred in <a href="https://thenewscrypto.com/vaneck-agrees-to-1-75m-fine-by-sec-over-etf-promotion-violation/" target="_blank" rel="noreferrer noopener">VanEck’s</a> fund less than seven days after the investment manager said it would be reducing the fee it charges for its spot bitcoin ETF. <a href="https://twitter.com/EricBalchunas?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor" target="_blank" rel="noreferrer noopener nofollow">Eric Balchunas</a>, a senior ETF analyst at Bloomberg, went to twitter to share his astonishment at the fund’s performance. 
The analyst stated: 
<blockquote class="wp-block-quote"> 
 VanEck’s ETF “is going wild today with $258 million in volume already, a 14x jump over its daily average. And it’s not one big investor (which would make sense) but rather 32,000 individual trades, which is 60x its average.” 
</blockquote> 
<h3 class="wp-block-heading" id="h-aiming-to-compete-on-pricing">Aiming to Compete on Pricing</h3> 
As of 1:50 p.m. ET on Tuesday, the trading volume of VanEck’s spot bitcoin ETF had topped $300 million. This was more than 10 times its greatest day thus far. According to statistics provided by The Block, VanEck’s spot Bitcoin ETF achieved its previous high of daily trading volume when it debuted on January 11 with $25.5 million.&nbsp; 
Since the new financial instruments were introduced last month, BlackRock, Fidelity, and Grayscale have ruled daily trading volumes, leaving VanEck’s ETF trailing behind. 
While early investors are somewhat exempt from the fees, both BlackRock and Fidelity impose a 0.25% fee on their offerings. The announcement that VanEck will reduce its charge to 0.20% from 0.25%, beginning February 21, was filed with the U.S <a href="https://thenewscrypto.com/u-s-sec-faces-backlash-as-debt-box-challenges-case-dismissal/">SEC</a> last week, suggesting that the company may have aimed to compete on pricing. 
After <a href="http://bitcoin.org" target="_blank" rel="noreferrer noopener nofollow">Bitcoin’s</a> recent ascent past $52,000—a level not seen since December 2021—the total crypto market cap soared to a staggering $2 trillion. Numerous altcoins have followed Bitcoin’s lead to follow this rising trend. 
Highlighted Crypto News Today: 
<a href="https://thenewscrypto.com/ripple-boosts-global-expansion-with-cib-collaboration-in-egypt/" target="_blank" rel="noreferrer noopener">Ripple Boosts Global Expansion with CIB Collaboration in Egypt</a>

VanEck’s Spot Bitcoin ETF Sees Massive Surge in Volume After Fee Reduction

Table of Contents

TheNewsCrypto

Other articles published on Feb 21, 2024

Solana Faces Investor Exodus At $100 Resistance: What’s Next For SOL?

Bitcoin ETFs hit new record: Will BTC benefit from the surge?

Top Blockchain Security Companies for Robust Protection

Here’s How Stellar’s New Feature Could Spark Excitement for XLM Adoption

Tutorial Read to Earn: How to maximize your reading?

BitKong Casino Introduces Groundbreaking Crash Game – A New Era of Crypto Gaming

Join our free newsletter for daily crypto updates!