Bloomberg analyst Eric Balchunas posted on the X platform that the trading volume of the VanEck Bitcoin Spot ETF (HODL) surged to $258 million today, a 14-fold increase from its average daily trading volume. Unlike the spikes in trading volume that are typically driven by a single large investor, 32,000 individual trades were behind this increase, 60 times the average. Today’s trading volume of Bitcoin spot ETF BTCW reached US$154 million, which is 12 times its average trading volume, and its trading volume is 25 times its total asset value. The transaction involved 23,000 individual transactions, in sharp contrast to only 221 transactions last Friday.