Bitcoin is causing a lot of talk as traders think it might reach a new all-time high within the next week. Currently, Bitcoin (BTC) is on a strong upward trend, staying well above $72,000. Adding to the thrill, BlackRock’s iShares Bitcoin Trust (IBIT) reported a huge trading volume of $3.36 billion on Tuesday, marking a six-month high and showing a rise in activity across all Bitcoin ETFs.
BlackRock’s ETF Volume Soars to $3.36 Bln
On Tuesday, Bitcoin exchange-traded funds (ETFs) in the U.S. 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 brought in $642.87 million in net inflows. This is the largest inflow for IBIT in over seven months. Such strong interest from investors raises hopes that Bitcoin might soon reach new heights.
In addition to the inflows, BlackRock’s IBIT recorded a trading volume of $3.36 billion on the same day, marking its highest trading activity since March. This surge in trading volume is noteworthy because it often indicates heightened investor interest, especially when Bitcoin prices are rising
Bloomberg analyst Eric Balchunas pointed out that high trading volume usually happens when prices drop, but this could be different. He suggested it might be a sign of “FOMO,” where investors rush to buy Bitcoin as they see its price rising.
BlackRock’s Growing Role in Bitcoin
BlackRock is becoming a big player in the Bitcoin market. CEO Larry Fink shared that IBIT has grown into a $23 billion market in just nine months. This growth is not surprising, especially since BlackRock recently bought more than $680 million in Bitcoin and is working closely with companies like MicroStrategy that are also strong supporters of Bitcoin.
As Bitcoin’s price climbs, now trading at around $72,471, expectations rise. Some analysts suggest that external factors, such as a possible Donald Trump election victory, could further boost inflows into Bitcoin, pushing its price even higher.
Ethereum ETFs Also Gaining Attention
While Bitcoin is in the spotlight, Ethereum is not being left behind. On the same day, Ethereum ETFs in the U.S. recorded $7.65 million in net inflows, with BlackRock’s ETHA ETF leading the way, bringing in $13.62 million.
This growing interest in Ethereum shows that investors are looking at more than just Bitcoin.
