Bitcoin ETF Trading Hits Record Levels as Price Approaches All-Time High

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.

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.