TLDR:
- US Bitcoin ETFs saw $870M inflows on Tuesday, with BlackRock’s IBIT leading at $629M
- Bitcoin approached all-time highs, reaching $73,600
- ETF trading volumes hit $4.75B, highest since March
- Shiba Inu (SHIB) reached one-month high of $0.00001957
- Shibarium daily transactions increased by 13,500% in 24 hours
Bitcoin ETFs recorded their third-highest daily inflow of $870 million on Tuesday as the cryptocurrency market showed renewed strength, with Bitcoin approaching its all-time high and Shiba Inu posting notable gains.
BlackRock’s IBIT emerged as the clear leader among ETF products, attracting $629 million in single-day inflows. Fidelity’s FBTC followed with $133 million, while Bitwise’s BITB added $52 million to its holdings. The combined ETF trading volume reached $4.75 billion, marking the highest level since March.
Only one ETF product recorded outflows during this period. Grayscale’s bitcoin trust (GBTC) saw $17 million in net outflows, contrasting with the broader market trend. IBIT alone accounted for $3.3 billion in trading volume, showcasing strong investor interest.
The surge in ETF activity coincided with Bitcoin’s price movement toward record territory. The leading cryptocurrency touched $73,600, coming within $150 of its all-time high. This represented a weekly gain of 7.7%, demonstrating sustained upward momentum.
Market analysts noted unusual trading patterns during this period. Bloomberg ETF analyst Eric Balchunas pointed out that high trading volumes typically occur during market downturns rather than upswings. He suggested the current scenario might indicate a “FOMO-ing frenzy,” similar to patterns seen with other ETFs in previous market cycles.
Options market data revealed increasing confidence among traders, with some placing bets on Bitcoin reaching $80,000 by November. This optimism persisted regardless of potential outcomes in next week’s U.S. elections, which traditionally introduce market volatility.
In the broader cryptocurrency market, Shiba Inu (SHIB) experienced notable gains, reaching a one-month high of $0.00001957. The meme coin’s market capitalization grew beyond $11 billion, making it the 14th largest cryptocurrency by market value, surpassing Avalanche.
SHIB’s ecosystem showed signs of growth beyond price movement. The project’s burning mechanism saw increased activity, with the burn rate rising by 450% over 24 hours, removing approximately 52 million tokens from circulation. Additionally, Shibarium, SHIB’s layer-2 scaling solution, recorded a 13,500% increase in daily transactions.
Technical indicators suggested potential short-term market adjustments ahead. The Relative Strength Index (RSI) for SHIB reached 70, traditionally considered an overbought level that might precede a price correction.
BlackRock’s IBIT has maintained consistent growth over twelve consecutive days, accumulating $3.2 billion since October 10. This steady increase aligns with Bitcoin’s recent price performance and suggests sustained institutional interest in cryptocurrency exposure through regulated investment vehicles.
Market participants continue to monitor these developments against the backdrop of upcoming U.S. elections. Historical data indicates that election periods often correspond with increased market volatility, though current trading patterns suggest robust investor confidence in the cryptocurrency sector.
The total trading volume across Bitcoin ETFs reached its highest level in six months, indicating renewed market engagement with regulated cryptocurrency investment products. This surge in activity comes as the broader crypto market shows signs of strength across various metrics.
Current data shows Bitcoin maintaining support above the $72,635 level, which many traders view as a crucial threshold for potential further advances. The cryptocurrency has traded within a consolidation range between $54,147 and $69,500 since the April halving event.
VanEck’s HODL and Ark’s ARKB also contributed to the day’s inflows, adding $16 million and $12 million respectively to their holdings. These figures demonstrate broad participation across various ETF providers in the current market movement.
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