BlackRock’s IBIT Spot Bitcoin Exchange Traded Fund hit a record daily inflow of $520.2 million on Tuesday, amid continued surge in Bitcoin prices.
According to BitMEX Research data, IBIT’s inflows yesterday were 5% higher than the previous record of $493.1 million set on February 13, bringing the total net inflows of all US spot Bitcoin ETFs registered on Monday to 5% combined. It exceeded 19.8 million dollars.
On Monday, BlackRock’s usually dominant ETF fell to third place due to inflows, with just $111.8 million. Fidelity’s FBTC led inflows on Monday, adding $243.3 million, while Ark Invest 21 Shares’ ARKB came in second, generating $130.6 million.
But BlackRock’s Bitcoin fund re-established its inflow dominance in what was a Super Tuesday of sorts, with Fidelity’s FBTC coming in second with $126 million and Bitwise’s BITB coming in third with $18.4 million.
Despite outflows of $125.6 million from Grayscale’s GBTC convertible fund, net inflows to all spot Bitcoin ETFs reached $576.8 million on Tuesday, the highest in two weeks. This is another significant increase following Monday’s record low outflow of $22.4 million. Total net inflows since the ETF’s launch on January 11 now stand at $6.7 billion.
“Another monster ETF day. IBIT alone is over 50%. Now we have new reflective wheels. “The higher Bitcoin rises, the more tradfi asset managers will have to allocate to ETFs because they can no longer make excuses about ‘accessibility’ and ‘regulatory risk,’” he said in Bitcoin and Digital Assets. said Charles Edwards, founder of hedge fund Capriole Investments. , published in “In the near future, this is a massive flywheel for managers to hedge against the risk of underperformance and means the numbers will go much higher.”
BlackRock’s IBIT breaks daily trading volume record again.
BlackRock’s IBIT also set a new daily trading volume record of $1.36 billion on Tuesday, breaking the $1.33 billion high it reached the previous day, according to The Block’s data dashboard. A total of $3.15 billion was traded across all spot Bitcoin ETFs yesterday. This is the third highest trading volume since trading began.
“Another day of strong trading volume with volume well over $3 billion. IBIT again broke a personal record with $1.3 billion (for context, this is more than most U.S. large-cap transactions),” said Eric Balchunas, senior ETF analyst at Bloomberg. “I don’t know if this is the new normal or some kind of short-term algorithmic/arbitrage related explosion.”
“What’s also interesting is that IBIT recorded over 100,000 individual transactions today. We were doing 30,000 to 60,000 all through Tuesday,” Balchunas added. “I think I found some new gear over President’s Day weekend. “I thought it might have been pent-up volume due to the long weekend, but there was more going on today, so that’s my theory.”
Currently, the cumulative trading volume of all spot Bitcoin ETFs is approaching $60 billion.
On Monday, nine U.S. spot Bitcoin ETFs, excluding Grayscale’s converted GBTC fund, surpassed 300,000 BTC in assets under management for the first time.
Bitcoin BTC
+4.99%
It’s currently trading for $59,233, according to The Block’s. Pricing page. The largest cryptocurrency by market capitalization rose another 5% in the last 24 hours. The price of Bitcoin is currently up more than 15% over the past week and 40% since the beginning of the year. This is just $10,000 (or about 15%) off the previous high of around $69,000 set in November 2021.
BTC/USD price chart. Image: Block/TradingView.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.