Prominent ETF researcher Eric Balchunas claims that in only 20 minutes of trading, BlackRock’s iShares Bitcoin Trust ETF (IBIT) recorded $1 billion in trading volume.
According to Balchunas, the high-flying ETF product is expected to break the previous volume record on Wednesday.
ETFs typically see high trading activity during significant sell-offs. This time around, though, it doesn’t appear to be the case.
As noted by Balchunas, given the recent significant increase in the price of Bitcoin, this volume is probably just a “feeding frenzy.”
IBIT exchanged almost $3.3 billion worth of Bitcoin on October 29. This preceded significant influx. IBIT alone was able to draw inflows of $1.8 billion over the course of the following several days.
The same thing may happen again, as IBIT is now experiencing a record-breaking trade volume.
He stated, “I’m a fan of patterns, so it fits the pattern, but I’m not saying it’s guaranteed.”
Significant trading volumes are also observed in other ETFs, Balchunas noted.
As of this writing, the price of Bitcoin on the Bistamp market is $74,313.
After some doubters claimed that nearly all inflows originated from centralised bitcoin exchanges, Balchunas recently stated that Bitcoin ETFs were drawing in new capital, as reported by U.Today.
Notably, the Coinbase premium has also returned for the first time in five weeks, suggesting that the current surge is probably being led by Americans.
