Bitcoin ETFs recorded a staggering $870 million worth of inflows yesterday as the price of the cryptocurrency came worryingly close to hitting a new all-time high.

BlackRock’s iShares Bitcoin Trust (IBIT) recorded a whopping $3.36 billion in trading volume yesterday – the highest in six months. At the time of writing, the IBIT fund has $17.2 billion in assets Bitcoin under his leadership, according to Coinglass.

But it’s not normal for ETF volumes to spike when the price rises, Eric Balchunas, an analyst at Bloomberg Intelligence, said on Twitter.

“Typically, ETF volume spikes in a downturn/crisis,” he noted, adding that it was more likely that yesterday’s big rise was due to institutional FOMO – the fear of missing out.

And it’s easy to see why. In the last 24 hours, Bitcoin price barely reached $175, setting a new record above its previous all-time high of $73,737.94 set on March 14.

At the time of publication Bitcoin is currently trading at around $71,740, up 0.8% on the day and 8.1% on the week, according to data from CoinGecko.

Now dealers have tuned their websites to a new U.S. Nonfarm Payroll (NFP), a report due to be released Friday. According to Singapore-based crypto trading firm QCP Capital, it is a key economic indicator that would have a big impact on whether the Federal Reserve sees fit to cut interest rates again.

“The main focus this week is Friday’s NFP report, a key indicator of the health of the U.S. labor market, with consensus estimates at around 110,000 – about half the previous value,” the company wrote in a trading note on Wednesday. “As the last major data release before next Friday’s Fed meeting, the report is expected to set market bets for the Fed’s next move.”

These bets, tracked by the CME FedWatch Tool, show that 99.6% of traders expect the Federal Reserve to cut interest rates again, cutting them by 25 to 50 basis points.

In the short term, however, investors are waiting for today’s gross domestic product report from the Bureau of Economic Analysis. The report shows that U.S. GDP grew 2.8% in the third quarter, a slight slowdown from the 3% reported in the second quarter.

“Bitcoin appears to have entered an acceleration phase, consistent with expectations surrounding the presidential election and other favorable catalysts,” BRN analyst Valentin Fournier wrote, citing the BIP release. “As Bitcoin nears its ATH, strong resistance could pose a challenge, but current momentum and favorable catalysts could drive an ATH breakout. We recommend staying heavily invested and favoring Bitcoin over Ethereum.”

Edited by Stacy Elliott.