BlackRock Bitcoin ETF Trading Volume Reaches Record $3.3 Billion

According to information from the analytical resource SoSoValue, on Tuesday, October 29, the IBIT fund attracted $642.9 million, which is double the volume of the previous day. The total trading volume exceeded $3.36 billion, which indicates significant investor interest in this asset. Bloomberg senior analyst Eric Balchunas noted that such an increase in activity is usually observed during a market decline, not during its rise. He suggests that the current situation is explained by investors' fear of missing out (FOMO), which may lead to a further increase in capital inflows into the fund.

The US spot bitcoin ETF sector is growing rapidly. Currently, such funds manage about 983,334 BTC, and analysts predict that this figure will soon exceed a million. Perhaps by mid-December, the volume of bitcoins under the management of such funds will approach the number of BTC owned by Bitcoin founder Satoshi Nakamoto - 1.1 million BTC.

BlackRock confidently holds the lead in this segment. The company's CEO, Larry Fink, previously reported that the market capitalization of IBIT reached $ 23 billion in less than a year. CoinShares analysts believe that interest in bitcoin ETFs may grow even more amid the possible re-election of Donald Trump as US President or the growth of the bitcoin rate, linking the demand for crypto funds with political factors in the United States.

However, growing institutional interest is causing concern among supporters of decentralization. The crypto community fears that large financial players like BlackRock could increase centralization in the Bitcoin space, which is contrary to the principles laid out when the cryptocurrency was created. One user of the social network X noted that if BlackRock becomes the largest holder of BTC, it will completely change the nature of the market and undermine its independence.