VanEck ETF Trading Goes Ballistic!

VanEck's spot Bitcoin ETF, "HODL," saw its trading volume skyrocket to $258 million on Feb. 20.

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Here's what we've got for you today:

  • Surge in VanEck’s HODL ETF Draws Unprecedented Trading Activity

  • Breaking: Circle Ends Support for USDC Stablecoin on Tron

  • MicroStrategy CEO Michael Saylor Abandons Plans to Sell Bitcoin

  • Crypto Advocates Urge Senate Banking Chair to Reject Warren’s AML Bill

On Feb. 20, trading volume for VanEck's spot Bitcoin ETF, which trades under the ticker "HODL," saw a huge increase.

  • VanEck's spot Bitcoin ETF, "HODL," saw its trading volume skyrocket to $258 million on Feb. 20, a nearly 15-fold jump from the previous day, driven by approximately 32,000 trades.

  • Eric Balchunas was one of the first to report the unusual spike in trading activity.

  • Shortly before the spike, VanEck announced a fee reduction for the ETF from 0.25% to 0.20%, effective Feb. 21, making its fees lower than those of competitors BlackRock and Fidelity by 5 basis points.

Circle has reportedly ceased support for its USDC stablecoin on the Tron blockchain as part of a risk management program.

  • Circle announced it will stop minting USDC on the Tron blockchain, initiating a phased transition away from the platform.

  • The company has assured that Circle Mint customers can transfer USDC to other blockchains until February 2025, while retail and non-Circle customers also have the option to transfer or redeem the stablecoin at exchanges or brokerages.

  • Circle's decision seems to be driven by its commitment to maintaining the safety and transparency of USDC.

Michael Saylor, the CEO of MicroStrategy, has no plans to sell any Bitcoin (BTC) holdings on the company's balance sheet.

  • Michael Saylor stated in a Bloomberg interview that Spot ETFs are facilitating institutional investment into the Bitcoin ecosystem, which aids in the digital transformation of capital.

  • Saylor also highlighted Bitcoin's market value, comparing it against traditional asset classes like gold, real estate, and the S&P index, which have significantly larger market caps.

  • Saylor mentioned that MicroStrategy, having started to invest in Bitcoin in August of 2020, sees no reason to divest from Bitcoin, which he considers the superior investment.

The Chamber of Digital Commerce (CDC) has strongly opposed the Digital Asset Anti-Money Laundering Act (DAAMLA), introduced by Senator Elizabeth Warren.

  • The CDC expressed concerns on social media about the bill, highlighting its potential to significantly harm the digital asset industry.

  • CDC's CEO warned that the bill represents a big threat to U.S. national security and the economy, potentially destroying value for crypto startups and affecting Americans' savings in digital assets.

  • Senator Elizabeth Warren introduced DAAMLA to the Senate in July of 2023, targeting the reduction of crypto assets' use in money laundering and terrorism financing.



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