VanEck Europe CEO Martijn Rozemuller gave an exclusive interview to Cointelegraph on the matter of US Bitcoin ETFs. His comments arrived at a time when Bitcoin ETF investments in the United States have continued to climb. Rozemuller noticed that while Bitcoin ETFs have amassed popularity in the US, investors in the EU have remained apathetic towards it. He also highlighted the growing institutional interest in spot Bitcoin ETFs across the Atlantic Ocean.
At the same time, he noted that the attitude towards Bitcoin ETFs in European regions has stayed cold. He attributed the considerable investment interest in Bitcoin spot ETFs in the United States to risk-management perspective of investors. At the same time, he pointed out that investors in America tend to prefer trading on exchange platforms in comparison to their European counterparts.
The executive added that European investors are more focused on traditional investment products such as mutual funds. Furthermore, he opined that investors from the EU region tend to go with the investment advice and recommendations from their banking institutions or fund managers.
VanEck CEO also talked about some major differences between cryptocurrency investors on both sides. Rozemuller noted that retail investors hailing from Europe are mostly made up of independent wealth managers and family investment consultancies.
Daily Trading Volume of Bitcoin ETFs
VanEck and WisdomTree are two of the Bitcoin spot ETF managers that listed their products on 11th January in the United States. On this account, both firms reported a sizeable increase in their listings since last month.
VanEck’s spot Bitcoin ETF operating under ticker HODL recorded a net inflow of $258 million as of 20th February. This signifies a 15 percent increase in daily volume on day-on-day metrics. These projections were shared on X by Eric Balchunas, senior ETF analyst at Bloomberg.
In the post, he noted that $HODL is undergoing rapid volume inflation with $258 million already to its name. At the same time, the analyst pointed out that the increment is not attributed to just one big whale but spread across 32 thousand micro transactions.
The expert also expressed surprise regarding the additional investment interest wondering if the listing was introduced on a new platform recently.
After analyzing the volume ballooning, Baklchunas reported that he is still not sure about what had led to the amazing increment. He maintained that up until last Friday, the trading volume for HODL was only 500, and by 20th February, it had reached 5000. He stated that a Reddit or TikTok influencer may have given a shout-out to the investment product to their followers. He rated the phenomenon to be carried by retail militia.
VanEck Shuts Down Bitcoin Strategy ETF as Part of Plan to Focus on Spot ETF Listing
VanEck officials have retained that the firm continuously screens all its ETF products. To this end, VanEck recently decided to delist its Bitcoin Strategy ETF after a week of SEC approval of its spot Bitcoin ETF. The firm issued the official delisting announcement on 17th January noting that the board of trustees has voted in favor of delisting its Bitcoin Strategy ETF on the CBOE exchange.
This ETF has been listed since November 2021. Officials of the firm indicated that the analysts have considered various factors such as liquidity, AUM, demand, and others to arrive at the decision.
Spot ETF Listings
At the same time, VanEck noted the decision will also allow investors and fund managers to focus their time and efforts on spot Bitcoin ETF listings. The official notification also stated that since the ETF could now track spot prices of Bitcoin directly it was discarding futures-based ETF for flagship crypto.
Asset management firm also quoted the opinion of shareholders who voted in favor of selling their Bitcoin Strategy ETF shares before 30th January. On this front, VanEck confirmed all funds under XBTF will be liquidated before 6th February in an X posting. It is important to note that the per day volume of all Bitcoin spot ETF listings in the United States recorded $4.5 billion on the first day of listing as per Yahoo Finance projections.
