Highlights,The US spot ETF market for Bitcoin seems to be unstoppable at this point and thanks to BlackRock Bitcoin ETF (IBIT) that has triggered a major FOMO among investors. On Tuesday, the BlackRock IBIT registered a massive $3.3 billion in trading volumes, hitting its six-month high levels. Over the past two weeks, IBIT has been single-handedly leading the inflows showing that institutional FOMO has kicked in ahead of the US election results, less than a week from now.,On Tuesday, October 29, the US BTC ETFs saw inflows of nearly $870 million with BlackRock’s IBIT having a lion’s share of $640 million inflows. This marks one of the largest inflows since launch, with the record set on March 12, 2024, at $1.045 billion. Given the recent excitement, a new record could be within reach.,With this, IBIT’s net inflows since inception have reached closer to $25 billion, which is more than double that of its immediate rival Fidelity’s FBTC. These massive inflows have continued amid the broader crypto market rally with the Bitcoin price approaching its all-time high levels.,Bloomberg’s ETF strategist, Eric Balchunas, highlighted the $3.3 billion in trading volumes recorded by the BlackRock Bitcoin ETF yesterday. He believes that such a volume spike is unusual as ETF activity typically surges during market downturns.,However, Balchunas suggested that the recent spike could be driven by “FOMO” (fear of missing out) due to the Bitcoin price rally, which has continued over the past few days.,The Bloomberg strategist further stated that IBIT wasn’t alone as other Bitcoin ETFs also saw a strong surge in trading volumes yesterday. Thus, he believes that this is possibly a FOMO-driven buying wave. Balchunas also added that if this is indeed a FOMO frenzy, the impact should reflect in substantial inflows in the coming days.,,Amid the 8% gains over the past week, the Bitcoin price has reached within 5% of its all-time high levels. As of press time, the BTC price is trading 1.75% up at $72,267 with a market cap of $1.429 trillion. However, the retail FOMO in BTC hasn’t kicked yet so far despite strong inflows into Bitcoin ETFs, noted crypto analyst Miles Deutscher.,,During the past two Bitcoin bull run cycles, retail buying interest played a crucial role in taking Bitcoin to all-time high levels. This shows that large investors and Bitcoin whales are currently driving the price action. Thus, once retail FOMO kicks in, we can actually see a rally to the levels of $100,000 and above.,Another major bullish indicator is the Bitcoin MVRV ratio which has surged past its 365-SMA signaling major bull rallies along with a golden cross.,,
https://coinniu.com/blackrock-bitcoin-etf-triggers-major-fomo-with-new-6-month-high-milestone/
