Trading volumes for VanEck’s HODL, a prominent Bitcoin exchange-traded fund (ETF) in the United States, experienced an unprecedented surge on Tuesday, driven primarily by individual traders.
The surge amounted to over 2,200%, with over $400 million worth of HODL shares changing hands, significantly surpassing its daily average of $17 million. This remarkable uptick in trading activity occurred on the eve of VanEck’s planned fee reduction from 0.25% to 0.20%.
VanEck’s HODL emerges as a strong competitor
HODL’s trading volumes on Tuesday positioned it as the third-largest among Bitcoin ETFs, trailing behind Grayscale’s GBTC and BlockRock’s IBIT, the perennial leaders in the space. As of February 20, data reveals that the ETF held nearly $200 million worth of Bitcoin.
The surge in trading volume coincides with the broader trend of increasing interest in Bitcoin ETFs, reflecting growing investor confidence in the cryptocurrency market.
In other cryptocurrency news, Galaxy Digital, a firm helmed by billionaire Mike Novogratz, has garnered fresh coverage at Canaccord Genuity. Analyst Joseph Vafi initiated coverage with a buy rating and set a price target of C$17 ($12.6), implying a 30% upside potential from the current price of C$13.
Vafi highlighted Galaxy’s diversified exposure to digital assets, positioning it as one of the most attractive investment options in the sector.
According to Vafi, Galaxy’s institutional trading business is poised to gain market share, driven by the imminent launch of its crypto prime brokerage platform, Galaxy One. With the anticipated price gains associated with Bitcoin ETFs and the upcoming halving, Vafi predicts a favorable outlook for Galaxy Digital’s trading performance.
Fairshake PAC receives substantial funding from crypto titans
Fairshake, a super political action committee (PAC) advocating for crypto-friendly candidates, has received a significant infusion of $4.9 million. The latest federal filings reveal that billionaire twins Cameron and Tyler Winklevoss, co-founders of the Gemini exchange and prominent Bitcoin investors, are among the principal contributors.
The Winklevoss twins join a roster of high-profile backers supporting Fairshake, including Andreessen Horowitz (a16z), ARK Invest, Circle, Ripple, and Coinbase (COIN).
The substantial financial backing underscores the growing influence of cryptocurrency stakeholders in shaping political landscapes and policies conducive to the industry’s growth.
Fairshake’s mission to support candidates sympathetic to the crypto cause aligns with the broader efforts within the community to foster regulatory frameworks that promote innovation and adoption.
A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.
