After record crypto product inflow week, bitcoin ETF volumes spike

BTC funds by VanEck, WisdomTree and Bitwise saw daily trading volume highs more than a month after launch

article-image

Bitwise CIO Matt Hougan | Permissionless I by Blockworks

share

Following a record inflow week for crypto investment products, several US spot bitcoin ETFs saw all-time high volumes on Tuesday.   

The sustained demand for spot bitcoin ETFs has been “something to witness,” Bitwise Chief Investment Officer Matt Hougan said during a Tuesday X Space.

Investors traded a record 6.3 million shares — worth roughly $179 million — of the Bitwise Bitcoin ETF (BITB) on Tuesday, according to Yahoo Finance data.

Bitcoin ETFs by VanEck and WisdomTree saw even bigger spikes in volume after the holiday weekend. 

Read more: Bitcoin ETF Tracker

The VanEck Bitcoin Trust ETF (HODL) saw its trading volume reach 6.8 million shares, or $400 million, on Tuesday. The volumes (in dollar value) were about 16 times greater than the ETF saw on Jan. 11, its first day of trading.

WisdomTree’s Bitcoin Fund (BTCW) saw a similar surge, as its trading volumes eclipsed 4 million shares, or about $220 million — about 20 times its average daily volume.

Overall, US spot bitcoin ETFs — excluding the Grayscale Bitcoin Trust ETF (GBTC) — saw about $2 billion in trading volumes. That was their biggest trading volume since their first day on the market, according to Bloomberg Intelligence analyst Eric Balchunas.

Loading Tweet..

The high volumes came after inflows into crypto investment products hit a record $2.45 billion last week, according to CoinShares data. The total was more than double the inflows seen the week prior.

The spot bitcoin ETFs issued by BlackRock and Fidelity led the way, with the iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC) notching inflows of roughly $1.6 billion and $650 million last week, respectively.

Read more: Another bitcoin ETF just joined the $1B assets club. Will it be the last?

“It feels to me like the initial successes were enough to intrigue some people,” Balchunas said during the X Space with Hougan. “Week five…just seemed unnatural and part of a second wind, which you rarely see.”

Hougan said the cadence and size of “sales wins” for BITB from professional investors has dramatically increased in the last two weeks as bitcoin’s price has rallied.

Loading Tweet..

“I think part of it was advisors, RIAs and family offices who wanted to allocate…saw these come on the market, watched them for a month, did their due diligence and now they’re moving into the space,” he said.

Read more: ‘Primary market’ for bitcoin ETFs largely hasn’t yet adopted such funds

Hougan, when discussing the Tuesday volume spikes for the VanEck and WisdomTree products, said it’s possible those funds were also added to model portfolios. 

Ed Lopez, VanEck’s head of ETF product, told Blockworks in an email that it can be challenging to know who or why someone buys an ETF.

“We’ve publicly filed to lower HODL’s fee, and we have seen strong interest in our fund and bitcoin ETFs broadly, including great engagement from retail investors,” he added.

A WisdomTree spokesperson declined to comment.  

The US spot bitcoin ETFs — at about $5 billion of net inflows in five trading weeks — are currently on pace to easily beat Bloomberg Intelligence’s year-one net inflow estimate of between $10 billion and $15 billion.

“I don’t think they’re going to shatter that; I think they will calm down a little bit,” Balchunas said. “But who knows? Seeing HODL and BTCW…wake up today, if they start punching above their way, look out.”


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Featured.png

Research

Helium stands at a pivotal moment in its evolution as a decentralized wireless network, balancing rapid growth, economic restructuring, and global expansion. With accelerated growth in domestic DAUs and Hotspots supporting its network, Helium is leveraging strategic partnerships and innovative proposals to scale internationally. The recent implementation of HIP 138, “Return to HNT,” has unified its token economy under HNT, simplifying participation and strengthening liquidity, while HIP 139’s phase-out of CBRS refocuses efforts on scalable Wi-Fi offload. Meanwhile, governance shifts under HIP 141 raise questions about centralization as Nova Labs consolidates control over the roadmap.

article-image

The asset surged over the past seven days to reach its highest-ever weekly close on the SOL/ETH pair

article-image

Industry watchers note that SOL ETFs have attracted a fraction of the demand for bitcoin and ether ETFs

article-image

Tariff swings impact stock market and company outlooks, with Apple and NVidia likely to be affected by China tariffs

article-image

The team says an attacker minted unclaimed tokens from ZKsync’s 2024 airdrop

article-image

The MIT research-based protocol is live in private testnet — laying the foundation for decentralized RAM

article-image

The Balkan micronation went from Bitcoin economy to blockchain buzzwords in 10 years