Bitcoin

Billion

Grayscale Bitcoin Trust

BlackRock’s IBIT, one of the leading Bitcoin ETFs, <a href="https://www.coinglass.com/bitcoin-etf" rel="noopener noreferrer nofollow">experienced</a> a massive trading volume surge on October 29, reaching $3.35 billion, marking its highest level in over six months. This dramatic increase in activity came as Bitcoin prices rose to $72,390, putting it just a fraction below its all-time high. Bloomberg ETF analyst Eric Balchunas attributed the surge to a wave of panic buying as investors rushed to buy into Bitcoin’s recent rally.
<a href="https://x.com/EricBalchunas/status/1851452174082965577" rel="noopener noreferrer nofollow">According</a> to Balchunas, a “FOMO frenzy” appears to be in effect, with IBIT leading the pack. His observations on X noted that IBIT’s daily inflows alone reached $599.8 million, contributing to a combined total of $827 million across the eleven spot Bitcoin ETFs available in the U.S. This uptick has sparked debate among analysts over whether the increased volume is a sign of retail excitement or an uptick in high-frequency trading.
<h2 id="span-style-font-weight-400-bitcoin-etfs-volume-surges-span">Bitcoin ETFs Volume Surges</h2>
Eric Balchunas speculated that the volume spike could be due to two forces: <a href="https://thecoinrise.com/institutional-fomo-adds-uncertainty-to-bitcoins-trajectory-cardano-whales-ape-in-this-ai-altcoin-presale/" rel="noopener noreferrer nofollow">FOMO-driven buying or a surge in arbitrage trading</a> by high-frequency traders. Across the board, Bitcoin ETFs saw elevated activity, with Galaxy Digital’s head of research, Alex Thorn, pointing out that October 29 was the third-highest trading volume day for Bitcoin ETFs since April of this year.
The day’s combined volume for U.S. spot Bitcoin ETFs <a href="https://farside.co.uk/bitcoin-etf-flow-all-data/" rel="noopener noreferrer nofollow">totaled</a> $4.64 billion, with IBIT accounting for the lion’s share, while the Grayscale Bitcoin Trust (GBTC) saw inflows of $390.3 million, the second-highest volume among all Bitcoin ETFs.
Though high trading volume typically signals heightened market activity and liquidity, it does not necessarily mean new money is entering the ETF market.
<h2 id="span-style-font-weight-400-bitcoin-rallies-as-ath-approaches-span">Bitcoin Rallies as ATH Approaches</h2>
Bitcoin’s recent price action has kept traders and analysts on edge. The cryptocurrency surged past $70,000 for the first time since early June, closing in on its historical peak. Crypto analyst Matthew Hyland noted that October 29 <a href="https://x.com/MatthewHyland_/status/1851426862385574087" rel="noopener noreferrer nofollow">marked</a> Bitcoin’s second-highest daily candle in its history, a signal of strong bullish momentum.
Since the <a href="https://thecoinrise.com/bitcoin-halving-spurs-global-migration-of-mining-equipment/" rel="noopener noreferrer nofollow">Bitcoin halving in April</a>, Bitcoin’s price has mostly ranged between $54,147 and $69,500. However, recent gains suggest a breakout could be imminent, attracting both institutional and retail investors back into the market. BlackRock’s ETF, with 12 consecutive days of inflows totaling $3.2 billion since October 10, appears to be capturing the excitement surrounding Bitcoin’s recent price movements.
The post <a href="https://thecoinrise.com/blackrocks-ibit-sees-3-35-billion-trading-surge-bitcoin-etfs-inflow-details/" rel="noopener noreferrer nofollow">BlackRock’s IBIT Sees $3.35 Billion Trading Surge, Bitcoin ETFs Inflow Details</a> appeared first on <a href="https://thecoinrise.com/" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

BlackRock’s IBIT Sees $3.35 Billion Trading Surge, Bitcoin ETFs Inflow Details

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