BlackRock’s IBIT spot Bitcoin exchange-traded fund (ETF) witnessed record daily inflows of $788.3 million on Tuesday. This surge occurred as Bitcoin reached a new all-time high above $69,000. It’s the first time Bitcoin hit this level since November 2021.
IBIT’s inflows yesterday were 30% higher than its previous $603.9 million record on February 29th. It eclipsed the $562.7 million total net inflows for all U.S. spot bitcoin ETFs combined on Monday, as per data from BitMEX Research.
Net inflows for all spot Bitcoin ETFs reached $648.4 million on Tuesday. It’s the highest since February 28th and the third-largest since the launch. This came despite $332.5 million in outflows from Grayscale’s converted GBTC fund.
Bloomberg ETF analyst Eric Balchunas commented on GBTC’s outflows. “GBTC has seen almost $10 billion in outflows yet has the same assets as launch day. It’s the bull market subsidy keeping outflow-ridden funds with massive assets.”
After IBIT, Fidelity’s FBTC saw $125.6 million in inflows on Tuesday. Ark Invest 21 Shares had $63.7 million of inflows. Invesco’s BTCO witnessed outflows. Total net inflows since the ETF launch exceed $8.5 billion.
Inflows helped IBIT reach around $11.5 billion in assets under management (AUM). The combined U.S. spot bitcoin ETF AUM is around $50 billion. The nine new ETFs (excluding GBTC) hold over 350,000 BTC, led by IBIT, with nearly 174,000 BTC.
Meanwhile, Grayscale’s higher fee GBTC fund dropped 30% from around 619,000 BTC ($41 billion) to just over 385,000 BTC ($26 billion) since spot bitcoin ETF trading began.
Spot Bitcoin ETF Daily Trading Volume Hits Record $9.75 Billion
U.S. spot bitcoin ETF daily trading volume hit a record $9.75 billion on Tuesday. This surpassed the prior $7.64 billion record on February 28th. Bitcoin’s price reached a new all-time high of $69,325 on Coinbase.
IBIT led with a record $3.76 billion traded. GBTC had $2.81 billion, and FBTC had $2.05 billion. The total cumulative spot bitcoin ETF trading volume is nearing $90 billion.
Bitcoin finally surpassed its previous $69,000 all-time high after 846 days yesterday. But it swiftly fell over $10,000 to around $59,225 minutes later. This led to over $1 billion in liquidations in 24 hours per CoinGlass. Bitcoin has since recovered and is currently trading at around $66,302.
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