According to Eric Balchunas, senior ETF analyst at Bloomberg, the ProShares Bitcoin Strategy ETF (IBIT) experienced its highest trading volume in six months, reaching $3.3 billion. This surge in volume is unusual, considering Bitcoin’s 4% increase, as ETF volumes typically spike during market downturns or crises. However, Balchunas suggests that the increased volume could be attributed to a “FOMO-ing frenzy,” similar to what was seen with ARKK in 2020. Given the recent surge in Bitcoin’s price, he predicts that this trend is likely to continue, with the potential for even larger inflows in the coming week.
Bitcoin ETFs Record $870M Inflows as BTC Flirts With Lifetime Highs
<p>The post Bitcoin ETFs Record $870M Inflows as BTC Surges first appeared on CoinBuzzFeed.</p>
