Bitcoin is generating a lot of discussion as traders believe it could hit a new all-time high within the next week. Currently, Bitcoin (BTC) is in a strong uptrend and remains well above $72,000. Adding to the excitement, BlackRock’s iShares Bitcoin Trust (IBIT) reported a massive trading volume of $3.36 billion on Tuesday, marking a six-month high and showing a surge in activity across all Bitcoin ETFs.
BlackRock ETF Volume Soars to $3.36!
On Tuesday, US Bitcoin Exchange-Traded Funds (ETFs) saw total daily net inflows of $870 million. This is the highest amount since June. Much of this money came from BlackRock’s IBIT ETF, which saw net inflows of $642.87 million. This is the largest inflow for IBIT in more than seven months. Such strong interest from investors raises hopes that Bitcoin will soon reach new heights.
In addition to the inflows, BlackRock’s IBIT recorded trading volume of $3.36 billion on the same day, marking the highest trading activity since March. This increase in trading volume is notable because it often signals increased investor interest, especially when Bitcoin prices are rising
Bloomberg analyst Eric Balchunas pointed out that high trading volume usually occurs when prices are falling, but this could be otherwise. He suggested this could be a sign of ‘FOMO’, where investors rush to buy Bitcoin because they see its price rising.
BlackRock’s Growing Role in Bitcoin
BlackRock is becoming a major player in the Bitcoin market. CEO Larry Fink said IBIT has grown into a $23 billion market in just nine months. This growth isn’t surprising, especially since BlackRock recently bought more than $300 $680 million worth of Bitcoin and works closely with companies like MicroStrategy, who are also big supporters of Bitcoin.
As the price of Bitcoin rises, now trading around $72,471, expectations rise. Some analysts suggest that external factors, such as a possible election victory of Donald Trump, could further fuel inflows into Bitcoin, sending its price even higher.
Ethereum ETFs are also getting attention
While Bitcoin is in the spotlight, Ethereum is not lagging behind. On the same day, Ethereum ETFs in the US recorded net inflows of $7.65 million, with BlackRock’s ETHA ETF leading the way, raising $13.62 million. This growing interest in Ethereum shows that investors are looking at more than just Bitcoin.
Credit : coinpedia.org
