On October 29, BlackRock's spot Bitcoin ETF experienced its highest trading volume in over six months, reaching $3.35 billion. This surge has been interpreted as panic buying by investors as Bitcoin nears its all-time high, currently priced at $72,390, just 2% away from the peak. ETF analyst Eric Balchunas characterized the situation as 'FOMO confirmed,' highlighting total inflows across U.S. Bitcoin ETFs of $827 million for the day. Balchunas noted that the activity could imply either a speculative frenzy or increased trading from arbitrage traders. The total trading volume for spot Bitcoin ETFs in the U.S. on that day was $4.64 billion, with the Grayscale Bitcoin Trust (GBTC) contributing inflows of $390.32 million. Bitcoin's price has surged since a low point in June, and analysts observe that it has achieved its second-highest daily candle in history. As of October 29, Bitcoin has seen an uninterrupted inflow streak for twelve days, totaling around $3.20 billion since October 10.

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