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    ‘FOMO confirmed’ — BlackRock Bitcoin ETF clocks biggest trading day in 6 months

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    BlackRock’s Bitcoin ETF experienced high trading volume of $3.35 billion on October 29, coinciding with Bitcoin’s price almost reaching an all-time high. Bloomberg ETF analyst Eric Balchunas suggested that FOMO could be driving the activity, noting that BlackRock clocked almost $600 million in trades in one day. Meanwhile, other ETFs in the US saw $827 million in trades. Concurrently, ETF IBIT enjoyed 12 days of inflows amounting to $3.2 billion since October 10. With Bitcoin hovering between $54,147 and $69,500 since April, analysts are predicting major fluctuations.

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    BlackRock’s Bitcoin exchange-traded fund (ETF) had a great day on October 29th with a stunning $3.35 billion in trading volume – the highest in over six months! One expert reckons the sudden activity could be down to Bitcoin’s recent price rise – it’s now trading at $72,390, just a tiny 2% away from reaching a new all-time high.

    “Definitely some FOMO (Fear Of Missing Out) going on here”, says Eric Balchunas, an ETF analyst at Bloomberg. In his recent post, he highlighted that BlackRock alone brought in almost $600 million in trades – all in a single day!

    The US hosts 11 Bitcoin ETFs and between them, they saw an impressive $827 million worth of trades. While this might seem high, it might not all be new money – remember, high trading volumes don’t necessarily mean heaps of fresh cash going into the funds.

    But speaking of fresh cash, the ETF known as IBIT has seen a solid 12 days of inflows, with around $3.2 billion coming in since October 10th.

    All this comes as Bitcoin reached over $70,000 on October 29th for the first time since June. It’s a key number that traders have been hawkishly watching. Bitcoin’s price has actually been pretty steady since April, hovering between $54,147 and $69,500.

    So, what’s the takeaway from all this? Take it from analyst Matthew Hyland who noted that October 29th marked Bitcoin’s ‘second highest daily candle in history’. In other words, major vacillations may be on the horizon, so always do your research before diving in!

    Source: Cointelegraph

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