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BlackRock Bitcoin ETF sees $3.35 billion volume amid market surge

BlackRock Bitcoin ETF sees $3.35 billion volume amid market surge

GrafaGrafa2024/10/30 13:37
By:Isaac Francis

BlackRock's spot Bitcoin (CRYPTO:BTC) ETF (IBIT) experienced its largest trading day in over six months, with $3.35 billion in daily volume on October 29, according to data. 

This spike comes as Bitcoin approaches its all-time high of $72,390, marking only a 2% difference from the previous peak. 

Bloomberg ETF analyst Eric Balchunas attributed the heightened trading activity to increased investor demand, describing it as “FOMO confirmed” in an X post. 

He cited daily inflows of $599.8 million into BlackRock's ETF, reflecting what he believes to be panic-buying behavior. 

On the same day, inflows across the 11 spot Bitcoin ETFs in the United States totaled $827 million, based on CoinGlass data. 

Galaxy Digital’s head of research, Alex Thorn, noted that October 29 recorded the third-highest Bitcoin ETF trade volume since April 1, 2024, with combined trading volumes reaching $4.64 billion. 

Balchunas indicated that while IBIT led in volume with 38% of the total, other Bitcoin ETFs like the Grayscale Bitcoin Trust (GBTC) also saw substantial trading activity, totaling $390.32 million in inflows. 

However, he mentioned that high trading volume indicates strong liquidity but does not necessarily equate to new capital entering the funds. 

According to Farside data, the BlackRock ETF has maintained an uninterrupted inflow streak over the past twelve days, amassing approximately $3.20 billion in total inflows since its last net-zero flow on October 10. 

Bitcoin’s recent surge past $70,000 on October 29 has put the cryptocurrency in a critical price range that traders are closely monitoring. 

Analyst Matthew Hyland highlighted that Bitcoin completed its “second highest daily candle in history” on that day.

At the time of reporting, the Bitcoin price was $72,449.78.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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