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Trading in %Bitcoin ($BTC ) exchange-traded funds (ETFs) has hit its highest level since the investment vehicles made their debut in mid-January of this year.

Trading volumes in spot Bitcoin ETFs totaled $2 billion U.S. on Feb. 20, the highest level since most of the ETFs began trading on Jan. 11.

VanEck's HODL ETF posted just under $400 million U.S. in trading volume, while %WisdomTreeBitcoinFund (BTCW) saw $221.9 million U.S. in trades, and %BitWise had $178.29 million U.S.

VanEck's Bitcoin ETF saw more than 14 times its daily trading average and 32,000 individual trades on the day, according to data from Bloomberg Intelligence.

Some analysts are ascribing the spike in trading volume to continued enthusiasm for cryptocurrencies.

However, some analysts note that the spike in trading was likely caused by the fact that U.S. markets were closed on Feb. 19 for Presidents' Day and trades over the weekend were settled on Feb. 20.

Capital also continues to flow into the new crop of spot Bitcoin ETFs with nearly $10 billion U.S. allocated to the two largest Bitcoin ETFs in the last month.

The price of Bitcoin continues to hover around $52,000 U.S., up from $40,000 U.S. at the end of January.

Additionally, the price of %Ethereum ($ETH ), the second largest %Cryptocurrency by market capitalization, has topped $3,000 U.S. for the first time since April 2022 as excitement builds for the approval of spot Ethereum ETFs by this summer.