As a seasoned researcher with a knack for deciphering market trends and a touch of gray hair to show for it, I find myself intrigued by this latest surge in Bitcoin ETF inflows and trading volume at BlackRock’s IBIT ETF. While I’ve seen my fair share of market frenzies over the years, the timing of this activity seems peculiar given the usual ebb and flow of such events during downturns.
On Monday, BlackRock’s IBIT ETF recorded nearly $600 million worth of inflows.
The product also logged $3.3 billion in trading volume, recording the most intense activity in six months.
According to ETF analyst Eric Balchunas, the unusually high trading volume is “somewhat unusual” because typically, ETF trading increases significantly during periods of market turmoil.
Sometimes, the volume may increase significantly when there’s a fear-of-missing-out (FOMO) rush, like with the $ARKK stock in 2020. Given the recent rise in price, it seems we are experiencing such a surge now. This suggests that we might see even larger inflows of funds this week,” he stated in his latest post.
At the moment, Bitcoin is being traded for approximately $72,331, having nearly reached a new all-time high on Tuesday.
Bitcoin ETFs have now surpassed 1,000,000 BTC in total holdings.
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2024-10-30 11:26