Taking Crypto Trading to New Heights: VanEck’s HODL ETF Surges 2,200%

Key Developments in Cryptocurrency Market Prices on Feb. 21, 2024

VanEck’s ETF trading activity soars in the Americas, while Fairshake secures an additional $5 million in funding.

Trading volumes of VanEck’s HODL, one of the 10 spot bitcoin (BTC) exchange-traded funds (ETFs) in the U.S., surged over 2,200% on Tuesday in a move driven by individual traders. More than $400 million of HODL changed hands on Tuesday, compared with its daily average of $17 million. The figures came a day ahead of VanEck’s planned fee cut to 0.20% from 0.25%. HODL’s volumes were the third-largest after Grayscale’s GBTC and BlackRock’s IBIT, the usual leaders. The ETF held nearly $200 million worth of bitcoin as of Feb. 20, data shows.

What’s Behind the Surge in VanEck’s HODL ETF Trading Volumes?

The surge in trading volumes of VanEck’s HODL ETF is grabbing everyone’s attention. 🚀 But what caused this unprecedented increase?

It seems like individual traders are taking the wheel and steering this ETF to new heights. 🚗💨 The popularity of HODL among retail investors is skyrocketing, and it’s no wonder why! With its catchy name and the promise of holding on to bitcoin for the long haul, HODL has become a buzzword in the crypto community.

Plus, let’s not forget the impending fee cut by VanEck. It’s like getting a discount at your favorite store. Who can resist that? 🛍️🔥

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But HODL’s success doesn’t end there. It has now secured its spot as the third-largest ETF in terms of trading volumes, only trailing behind Grayscale’s GBTC and BlackRock’s IBIT. This is a remarkable feat for an ETF that was launched not too long ago.

Galaxy Digital: A Diverse Playground for Digital Asset Enthusiasts

Billionaire Mike Novogratz’s Galaxy Digital (GLXY) has caught the attention of Canaccord Genuity, which initiated coverage of the stock with a buy rating and a C$17 ($12.6) price target. Galaxy represents one of the most diversified ways to play digital assets. 🪙✨

According to analyst Joseph Vafi, Galaxy’s institutional trading business is a “share gainer”. 📈 With the upcoming launch of its crypto prime brokerage platform, Galaxy One, the gaming is just getting started. Combine that with the price gains surrounding the spot ETFs and the upcoming halving, and we have a recipe for success. 🍳💰

Vafi’s price target suggests a potential 30% upside from the current C$13. If that’s not encouraging, I don’t know what is! 😉

Fairshake: We’re Backed by the Winklevoss Twins!

Fairshake, a super political action committee (PAC) backing crypto-friendly candidates, has received a total of $4.9 million in funding from billionaire twins Cameron and Tyler Winklevoss. 🤑💼

The Winklevoss twins, also known as Bitcoin enthusiasts and co-founders of Gemini, continue to make headlines. They joined forces with other high-profile crypto investors, including Andreessen Horowitz (a16z) and ARK Invest, to support Fairshake. With heavyweights backing them, this PAC is definitely making waves in the political arena. 🌊

It’s clear that the Winklevoss twins are not ones to shy away from investing in projects they believe in. Their involvement in Fairshake only further solidifies their stance on the importance of crypto-friendly policies.

Chart of the Day: Increased Institutional Participation in Bitcoin Market

The average trade size in the bitcoin market has consistently exceeded $1,000 since February 2023, indicating increased institutional participation. According to data from Kaiko, institutions are diving headfirst into the world of cryptocurrencies, adding more fuel to this already fiery market. 🔥💼

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Edited by Sheldon Reback.

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Q&A

Q: How can I invest in VanEck’s HODL ETF? A: To invest in VanEck’s HODL ETF, you need to use a brokerage platform that offers access to U.S. ETFs. Check with your preferred brokerage to see if they provide access to HODL and follow their instructions to invest.

Q: What advantages does Galaxy Digital offer compared to other digital asset companies? A: Galaxy Digital stands out due to its diverse range of services and offerings. With its institutional trading business and the upcoming launch of its crypto prime brokerage platform, Galaxy One, it provides investors with a wide range of opportunities to engage with digital assets. This diversity sets Galaxy Digital apart from many other digital asset companies.

Q: How can I support crypto-friendly candidates through Fairshake? A: If you’re interested in supporting crypto-friendly candidates through Fairshake, you can visit their website for more information. They often provide updates on their activities and ways for supporters to get involved, whether through donations or volunteer work.

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Reference:

• VanEck’s HODL ETF Trading Volumes Surge Over 2,200%
• Canaccord Genuity Initiates Coverage of Galaxy Digital
• Winklevoss Twins Back Fairshake with $4.9 Million Funding
• Increased Institutional Participation in Bitcoin Market
• Starknet’s STRK Drops 53% Amid Token Issuance Criticism
• USDC Stablecoin Issuer Circle Dumps Tron Network; TRX Steady
• Bitcoin ETF Trading Spikes to Busiest Session Since January Debut

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