On October 29, BlackRock’s Bitcoin ETF (IBIT) posted a record-breaking daily trading volume, reaching $3.35 billion—its highest in over six months. This surge aligned with Bitcoin’s climb to approximately $72,390, bringing it within 2% of its all-time high. According to Bloomberg ETF analyst Eric Balchunas, the spike may indicate a surge of “FOMO” buying among investors eager to capture potential gains. Balchunas reported that BlackRock’s ETF alone saw close to $600 million in inflows that day, while across all spot Bitcoin ETFs in the U.S., daily inflows reached $827 million, per CoinGlass data. Balchunas speculated that this surge could either signify heightened interest from speculative buyers or increased arbitrage trading, adding, “If this FOMO-driven buying continues, we’ll see more inflows over the next few days.” Galaxy Digital’s head of research, Alex Thorn, pointed out that October 29 marked the third-highest trading day for Bitcoin ETFs since April 2024, with total volume across U.S. spot Bitcoin ETFs reaching a combined $4.64 billion. Grayscale Bitcoin Trust followed BlackRock’s ETF as the second-highest, with $390 million in inflows.
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While the elevated trading volume suggests strong liquidity, it doesn’t necessarily reflect an influx of fresh capital. However, IBIT has enjoyed steady inflows for 12 straight days, amassing about $3.2 billion in that period, based on Farside data.
