BlackRock’s IBIT Records Highest Trading Volume in Nearly Six Months

On Monday, BlackRock's IBIT ETF recorded nearly $600 million worth of inflows on Tuesday.

The product also logged $3.3 billion in trading volume, recording the most intense activity in six months. 

According to ETF analyst Eric Balchunas, this extremely high volume is "a bit odd" since ETF trading activity tends to spike during severe downturns. 

"Occasionally tho volume can spike if there a FOMO-ing frenzy (a la $ARKK in 2020). Given the surge in price past few days, my guess is this is latter, which means look for (more) big inflows this week," he said in a recent post. 

Bitcoin is currently changing hands at $72,331 after coming close to recording a new record high on Tuesday. 

Yesterday, spot Bitcoin ETFs logged $870 million worth of inflows. According to analyst Nate Geraci, these are the third-highest daily inflows of all time.  

Bitcoin ETFs have now surpassed 1,000,000 BTC in total holdings.  

As reported by U.Today, BlackRock CEO Larry Fink opined that Bitcoin is a legitimate investment that has a role in various portfolios. The head of the world's largest asset manager has also compared the leading cryptocurrency to gold. This is despite the fact Fink was a Bitcoin skeptic in the past. 

Last month, Robbie Mitchnick, head of digital assets at financial titan BlackRock, opined that Bitcoin should be treated as a risk-off asset despite its correlation with tech stocks.