Daily trading volume for BlackRock’s Bitcoin ETF (IBIT) hit $3.35 billion on Oct. 29, marking its largest trading day in over six months. This surge is reportedly driven by a rush of “panic buying” as Bitcoin hovers near its all-time high at $72,390, only 2% shy of setting a new record.
“FOMO confirmed,” remarked Bloomberg ETF analyst Eric Balchunas in a post on Oct. 29, citing data showing a remarkable $599.8 million in inflows to BlackRock’s fund.
In total, across all 11 spot Bitcoin ETFs available in the U.S., inflows reached $827 million, according to data from CoinGlass.
Balchunas speculated that the dramatic increase in volume could be a sign of a “FOMO frenzy,” or it might simply reflect the heightened activity from arbitrage traders taking advantage of the market’s recent volatility. “If this is a FOMO frenzy, we’ll see it show up in the flows over the next few days. If not, it’s likely due to high-frequency arbitrage activity or something similar,” he explained.
“IBIT is not alone — although it leads by a significant margin. All major BTC ETFs experienced elevated volumes over the past two days,” Balchunas added.
Adding to the perspective, Alex Thorn, head of research at Galaxy Digital, noted that Oct. 29 marked the third-highest trading day for Bitcoin ETFs since April 1, 2024.
Throughout the trading day on Oct. 29, spot Bitcoin ETFs in the U.S. accumulated a combined trading volume of $4.64 billion, with BlackRock’s IBIT taking the top spot, followed by Grayscale Bitcoin Trust (GBTC) with $390.3 million in trading volume.
BTC is on the brink of tapping its current ATH
Though high trading volume signals active participation and strong liquidity, it doesn’t necessarily imply new funds entering the market. Yet, IBIT has maintained steady inflows for 12 consecutive days, totaling around $3.20 billion since Oct. 10, according to Farside data.
Bitcoin surged past the $70,000 mark on Oct. 29 for the first time since June, capturing the attention of traders as it approached a crucial resistance level. Since Bitcoin’s last halving in April, it has remained in a consolidation range between $54,147 and $69,500.
Crypto analyst Matthew Hyland highlighted that Bitcoin’s Oct. 29 performance resulted in its “second highest daily candle in history,” signaling that a new all-time high may be within reach soon.
For more news, find me on Twitter Giannis Andreou and subscribe to My channels Youtube and Rumble
What is your opinion on this particular topic? Leave us your comment below! We are always interested in your opinion!
