- According to Eric Balchunas, $22 billion in Bitcoin ETFs traded in the last five days.
- BlackRock’s IBIT alone traded over $1 billion daily in the past week.
- ETF inflows resulted in an impressive rally for Bitcoin, with the price soaring above $60,000.
Bloomberg’s Senior ETF Analyst, Eric Balchunas, observed a significant development in the spot Bitcoin ecosystem. Balchunas revealed $22 billion in Bitcoin ETFs traded in the last five days, a volume usually traded in one month before now.
Volume still elevated, altho not insane, for bitcoin ETFs.. today was third biggest day ever after Wed and Thur. All told $22b traded this week, about a month's worth of volume in 5 days. $IBIT did over $1b every day. Will this subside or is new normal here? We'll know next wk. pic.twitter.com/2F2OVY9MxE— Eric Balchunas (@EricBalchunas) March 1, 2024
The ETF analyst showed that BlackRock’s IBIT alone traded over $1 billion daily in the past week, with other ETF products performing well. However, he remained conservative with his expectations, noting he would observe how the ETFs perform in the coming week. That would confirm whether a new trend has emerged in the Bitcoin …
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