BlackRock’s IBIT Spot Bitcoin exchange-traded fund recorded daily inflows of $788.3 million on Tuesday as Bitcoin surpassed $69,000 for the first time since November 2021, hitting a record high.
According to BitMEX Research data, IBIT’s inflows yesterday were 30% higher than the previous record of $603.9 million set on February 29, making it the total net inflows of all US spot Bitcoin ETFs registered on Monday combined. It exceeded $562.7 million.
Net inflows for all spot Bitcoin ETFs reached $648.4 million on Tuesday, the highest since February 28 and the third largest since launch. This comes despite an outflow of $332.5 million from Grayscale’s converted GBTC fund yesterday, bringing total outflows to $9.6 billion.
“GBTC has seen nearly $10 billion in outflows but still has the same amount of assets as it did on launch day,” said Eric Balchunas, Bloomberg ETF analyst. “It seems like magic, but the same physics as a bull market subsidy still sustains outflow-ridden active equity mutual funds with massive assets (it’s a mirage because customers have left, but who cares, the returns are still real).”
Fidelity’s FBTC came in second with $125.6 million in inflows on Tuesday, followed by Ark Invest 21 Shares’ $63.7 million in inflows. Invesco’s BTCO was the only other fund to see outflows. Total net inflows since the ETF launched on January 11th have now exceeded $8.5 billion.
The inflows brought IBIT’s assets under management to approximately $11.5 million, with US spot Bitcoin ETFs combined accounting for approximately $50 billion. Excluding Grayscale’s convertible fund, the nine newly created ETFs now hold more than 350,000 ETFs. BTC
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According to BitMEX Research, IBIT holds approximately 174,000 BTC.
Meanwhile, Grayscale’s high-fee GBTC fund has fallen 30% since spot Bitcoin ETF trading began, from about 619,000 BTC ($41 billion) to just over 385,000 BTC ($26 billion at current prices).
Spot Bitcoin ETF daily trading volume reached nearly $10 billion.
Trading volume for U.S. spot Bitcoin ETFs also hit $9.75 billion on Tuesday, surpassing the previous record volume of $7.64 billion set on February 28 as the price of Bitcoin reached an all-time high of $69,325 on Coinbase. I passed it.
According to The Block’s data dashboard, yesterday’s trading volume was also led by BlackRock’s IBIT, which hit $3.76 billion, followed by Grayscale’s GBTC and Fidelity’s FBTC, which hit $2.81 billion and $2.05 billion, respectively.
“Milestone: 10 Bitcoin ETFs hit $10 billion in trading volume today, breaking the previous record set last Wednesday,” Balchunas said. “Volatility and volume are closely related to ETFs, so this is not surprising. This is a banana figure for an ETF less than two months old. IBIT, FBTC, BITB and ARKB all had record days.”
Currently, the cumulative trading volume of all spot Bitcoin ETFs is approaching $90 billion.
Bitcoin has reached an all-time high.
Bitcoin price finally surpassed the previous high of $69,000 yesterday after 846 days. The largest cryptocurrency by market capitalization is up nearly 350% since bottoming above $15,000 in November 2022, and is up about 70% this year alone, reaching new highs.
However, the price of Bitcoin fell quickly in the next few minutes, falling from a high of $69,325 to a low of about $59,225, down more than $10,000, or nearly 15%, with more than $1 billion worth of liquidations reportedly occurring in the last 24 hours. Coinglass data.
Bitcoin has since recovered and is currently trading at $66,302, according to The Block’s price page.
BTC/USD. Image: Block/TradingView.
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