As a seasoned crypto investor with years of experience navigating the volatile digital asset landscape, I find myself intrigued by the latest surge in trading volume for BlackRock’s iShares Bitcoin Trust ETF (IBIT). Having weathered numerous market cycles and observed countless patterns, I must admit that this trend seems to fit a familiar pattern of “feeding frenzy” during significant price movements.
Based on Eric Balchunas’ statements as an influential ETF analyst, the BlackRock-backed iShares Bitcoin Trust ETF (IBIT) saw a whopping $1 billion in trades within merely 20 minutes of its market debut.
On Wednesday, it’s expected that the popular ETF product will break its own volume record, as per Balchunas’ prediction.
Generally speaking, ETFs usually see high trading activity as they respond significantly to significant market drops. Yet, it appears that this pattern isn’t holding up in the current situation.
According to Balchunas’ observation, it appears that the current Bitcoin price rise might be due to a “buying spree” or “price surge” triggered by investors.
On October 29th, I found myself facilitating approximately $3.3 billion in Bitcoin trades through IBIT. This significant transaction seemed to pave the way for substantial incoming funds. Over the ensuing days, it was IBIT that drew in a staggering $1.8 billion of these inflows.
With IBIT experiencing an unprecedented level of trading activity at the moment, it’s quite possible we might witness another similar situation in the future.
“Not saying it’s guaranteed but I’m a fan of patterns and it fits the pattern,” he said.
Notably, other ETFs are also seeing significant trading volumes, according to Balchunas.
At press time, Bitcoin is trading at $74,313 on the Bistamp exchange.
According to a report by U.Today, Balchunas has expressed his viewpoint that Bitcoin ETFs have been drawing new investments, contradicting the skepticism of some who believed that most funds were coming from centralized crypto exchange platforms instead.
It is worth noting that the Coinbase premium has also returned for the first time in five weeks, which means that Americans are likely leading the current rally.
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2024-11-06 20:14