Analysis: BlackRock IBIT daily trading volume reaches six-month high, FOMO has been confirmed

Eric Balchunas, Bloomberg ETF analyst, cited data in an October 29 X post showing that BlackRock IBIT had daily inflows of $599.8 million, saying that “FOMO has been confirmed. Yesterday’s IBIT volume reached $3.35 billion, the highest level in more than six months. According to CoinGlass data, the total inflows of 11 US spot Bitcoin ETFs yesterday reached $827 million. Balchunas said: “If this is FOMO mania, we will see it reflected in ETF fund flows in the next few nights. If not, it means it is due to HF (high frequency) arbitrage trading or similar activities. ” Balchunas added: “IBIT is not the only ETF with increased trading volume, all major Bitcoin ETFs have increased trading volume in the past two days. ” Alex Thorn, head of research at Galaxy Digital, expressed a similar view, noting that October 29 was the third-highest day for Bitcoin ETF trading volume since April 1, 2024. On October 29, the total trading volume of US spot Bitcoin ETFs was US$4.64 billion throughout the trading day, with IBIT accounting for about 38%, ranking first. Next was Grayscale GBTC, with a trading volume of US$390.32 million on the day. It should be noted that increased trading volume indicates strong ETF liquidity, but does not reflect new capital inflows. (Cointelegraph)