On Tuesday, trading volumes of spot Bitcoin ETFs soared to their third-highest figures yet, adding over $870 million to their portfolio. With total trading volumes topping $4.75 billion – the highest since March – BlackRock’s IBIT accounted for a significant $3.3 billion alone. Eric Balchunas, an ETF analyst from Bloomberg, predicts the inflows could reach even higher numbers in the coming days, as $IBIT chalked up to an unprecedented $3.3 billion today, the largest sum in 6 months. Despite Bitcoin’s 4% rise on Tuesday, Balchunas highlighted that such a surge in ETFs share trading typically occurs during downturns or crises. However, he acknowledged that an FOMO (fear of missing out) frenzy could also stimulate such a spike, particularly considering Bitcoin’s substantial rise in the past few days. Therefore, he anticipates a surge in inflows in the subsequent week.
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