BlackRock IBIT Spot Bitcoin ETF Hits Record $788.3M Inflows

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.

Related Reading | Bitcoin NFTs Surge Past Ethereum In Weekly Sales With Ordinals Boost

Furthermore, the author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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