On October 29, Bitcoin spot ETFs in the U.S. experienced unprecedented inflows, totaling $870 million. BlackRock’s iShares Bitcoin Trust (IBIT) led the surge with a remarkable $643 million inflow, according to SoSo Value. Daily trading volume for BlackRock’s ETF also jumped to $3.35 billion, its highest in over six months.

Bitcoin Surges Past $72,000

This surge in ETF activity aligns with Bitcoin’s rally to $72,390—just 2% below its all-time high. Bloomberg ETF analyst Eric Balchunas linked the uptick to “FOMO,” or fear of missing out, with eager investors joining the upward trend. Highlighting this influx on X, Balchunas noted a significant daily inflow of $599.8 million for BlackRock’s ETF, remarking, “FOMO confirmed.”

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.

Alex Thorn, head of research at Galaxy Digital, noted October 29 as the third-highest trading day for Bitcoin ETFs since April 2024. Grayscale Bitcoin Trust (GBTC) saw $390.32 million in volume, second only to BlackRock’s IBIT. Total Bitcoin ETF trading hit $4.64 billion, with IBIT alone comprising 38% of this volume.

Bitcoin’s recent rise above $70,000 has fueled optimism for a potential all-time high. Bitfinex analysts foresee a “perfect storm,” spurred by seasonal trends and the U.S. election’s “Trump trade” narrative, which they suggest could ease regulatory pressures if he wins. If momentum continues, Bitcoin may soon surpass its previous peak of $73,800.