ETF analyst Eric Balchunas says the outsized trading volume across BlackRock's spot Bitcoin ETF is proof that investors are panic-buying Bitcoin as the asset nears its all-time high.
Daily trading volume for BlackRock's Bitcoin exchange-traded fund (ETF), surged to $3.35 billion during the trading day of Oct. 29, its highest level in over six months.
One ETF analyst believes the spike in trading volume is driven by panic buying of Bitcoin (BTC), which is currently trading for $72,390 — only a 2% move away from reaching a new all-time high.
“FOMO confirmed,” Bloomberg ETF analyst Eric Balchunas said in an Oct. 29 X post citing data showing BlackRock daily inflows clocked $599.8 million.
