BlackRock IBIT surpasses $3.3 billion in daily volume, MicroStrategy's BTC investment has $8.4 billion in unrealized gains

Eric Balchunas, senior ETF analyst at Bloomberg, tweeted via X: “BlackRock IBIT alone topped $3.3 billion in daily volume today, the most in six months. “The spike in IBIT volume is particularly noteworthy given that the price of Bitcoin is only up about 4%. This is typically seen during economic downturns and crises.” “Given the surge in BTC price over the past few days, we believe there are two main reasons for this increase in trading volume on BTC spot ETFs. The first is FOMO (fear of missing out), where investors may have flocked to BTC spot ETFs to avoid missing out on opportunities in the market. If this is the case, we could see similar flows in the coming days. The second possibility is that hedge funds (HFs) are strategizing to capitalize on the price differential through arbitrage trading.”

Meanwhile, “US technology company MicroStrategy (Nasdaq ticker: MSTR), which holds the largest amount of BTC of any single company outside of Bitcoin spot ETF managers, has $8.4 billion in unrealized gains on its BTC investments,” crypto media watchdog Guru reported on Official X (formerly Twitter). Meanwhile, MicroStrategy currently holds approximately 252,220 BTC at an average bid price of $39,292.