CandleFocus BlackRock’s Bitcoin ETF Seeing “Crazy” Trading Volume
2024-11-06
Author: Content Editor
BlackRock's iShares Bitcoin Trust ETF (IBIT) experienced $1 billion worth of trading volume in just 20 minutes, setting it on track for a new volume record. This surge in trading volume is believed to be driven by the sharp increase in Bitcoin's price. In the previous week, IBIT attracted $1.8 billion worth of inflows after trading $3.3 billion worth of Bitcoin. Analyst Eric Balchunas suggests that the current record-breaking trading volume could lead to similar inflows. Other ETFs are also seeing significant trading volumes. The current rally in Bitcoin is likely being led by Americans, as indicated by the return of the Coinbase premium after five weeks.
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