Bitcoin ETFs saw record inflows of $870 million as the price of BTC approached its all-time high. Eric Balchunas, senior ETF analyst at Bloomberg, noted that the ProShares Bitcoin Strategy ETF (IBIT) traded $3.3 billion on October 30, 2023, the highest volume in six months. This surge in volume is unusual given that Bitcoin’s price rose by 4% on the same day, as ETF volumes typically spike during market downturns or crises.
Balchunas suggested that the increased volume could be attributed to a “FOMO-ing frenzy,” similar to what was seen with the ARK Innovation ETF (ARKK) in 2020. The recent surge in Bitcoin’s price over the past few days supports this theory. If this is the case, Balchunas predicts that even larger inflows could be expected in the coming week.
[Link to the original article on CoinDesk](https://www.coindesk.com/markets/2024/10/30/bitcoin-etfs-record-870m-inflows-as-btc-flirts-with-lifetime-highs/)
