According to @EricBalchunas, bitcoin ETFs set an all-time record today with $11.5B in aggregate trading volume, with $IBIT accounting for $8B, also an all-time high for that fund (source: @EricBalchunas). According to @EricBalchunas, volume tends to spike when a category is “going through it,” with ETFs acting as liquidity release valves (source: @EricBalchunas). For traders, the record turnover indicates elevated liquidity in BTC exposure via ETFs, consistent with ETFs serving as release valves during heightened activity (source: @EricBalchunas).