VanEck’s HODL, one of the top ten U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs), saw a surge of more than 2,200% in volume on Tuesday, a move driven by individual traders, CoinDesk reported. On Tuesday, HODL’s volume exceeded $400 million, a 22-fold increase from its $17 million daily average. The data came before VanEck plans to reduce fees on Wednesday, according to a document, which will reduce the fees it offers from 0.25% to 0.20%. HODL’s trading volume ranks third after Grayscale’s GBTC and BlockRock’s IBIT. As of February 20, the ETF held nearly $200 million worth of Bitcoin. Bloomberg Intelligence analyst Eric Balchunas said the volumes came from 32,000 individual transactions, not one big investor, showing signs of retail frenzy.

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