US spot Bitcoin ETFs recorded approximately $870 million in net inflows on October 29, 2024, including about $643 million for IBIT. These were large daily inflows, but not an all-time record.

Bitcoin Surges Past $72,000

Bitcoin’s rally above $72,000 drew further attention to the funds. Commentary about fear of missing out described a possible explanation for investor behavior, rather than a direct measurement of why each investor bought.

Balchunas also observed increased trading volumes across all major Bitcoin ETFs over the past two days, signaling broad investor interest. He suggested this increase might be driven by high-frequency arbitrage or genuine interest from new investors, adding that sustained volume could confirm a FOMO-fueled rally.

Trading volume measures shares changing hands, while net flow measures creations less redemptions. A fund’s share of trading volume should not be calculated from figures drawn from different days or datasets.

The combination of fund flows, election expectations and price momentum shaped the October 2024 discussion. It did not guarantee a new high or a lasting rally.