BTC Price Index and Live Chart – CoinDesk”>(BTC) exchange-traded funds posted the most trading since their debut in the U.S. last month.

Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, noted that the volume was nearly $2 billion. This is the highest since the first trading day on January 11, 2011.

VanEck’s HODL ETF saw a volume of just over $400 million, WisdomTree Bitcoin Funds (BTCW) had $221.9 millions in trades, and BitWise’s had $178.29 Million.

Balchunas reported that VanEck’s HODL is “going wild today, with $258 millions in volume already. This is a 14x increase over its average daily volume.”

He continued, “It’s not just one investor (which makes sense), but 32,000 trades individually. That is 60x the average.”

The spike in prices could be due to the fact that U.S. stock markets were closed for Presidents’ Day on Monday, and that trades from the weekend were settled the first day of work.

According to CoinDesk Indicies, the U.S. closes its trading day with a price of Bitcoin just over $52,200.

The strong Bitcoin ETF investment by institutions indicates a risk-on attitude. In the meantime, Gold ETFs saw a net outflow. In an email interview, Greta Yuan wrote that the outflow of gold-backed ETFs could be due to global equity investors’ increasing demand.

Since the launch of 10 bitcoin spot ETFs in January, gold ETFs have seen significant outflows. Nearly $10 billion has been poured into the two largest Bitcoin ETFs. CoinDesk reported that this doesn’t necessarily mean a direct transfer of funds from bitcoin to gold.

She continued, “While U.S. stocks continue to rise, led by AI, BTC and ETH will likely continue to climb higher before bitcoin halving.”