Bitcoin ETFs might be on track to record massive fresh inflows
The high-flying ETF product is on track to set a new volume record this Wednesday, according to Balchunas.
Typically, ETFs tend to experience strong trading volume dusting major sell-offs. However, this doesn’t seem to be the case this time around. Is Bitcoin Miner Revenue Ready for Major Upswing?As Balchunas notes, this is likely just a “feeding frenzy” volume since the Bitcoin price has surged sharply higher. On Oct. 29, IBIT traded roughly $3.3 billion worth of Bitcoin. This was a precursor to major inflows. Over the next few days, IBIT alone managed to attract $1.8 billion worth of inflows.
Given that IBIT is currently seeing a record-breaking trading volume, the very same scenario could play out once again. Notably, other ETFs are also seeing significant trading volumes, according to Balchunas. As reported by U.Today, Balchunas recently opined that Bitcoin ETFs were attracting fresh money after some naysayers argued that almost all inflows came from centralized cryptocurrency exchanges.
It is worth noting that the Coinbase premium has also returned for the first time in five weeks, which means that Americans are likely leading the current rally. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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