BlackRock’s IBIT spot bitcoin ETF hits record daily inflow of $788 million

BlackRock’s IBIT spot bitcoin exchange-traded fund hit record daily inflows of $788.3 million on Tuesday as bitcoin reached a new all-time high above $69,000 for the first time since November 2021.

IBIT’s inflows yesterday were 30% higher than its previous $603.9 million record set on Feb. 29, eclipsing the $562.7 million total net inflows registered on Monday for all U.S. spot bitcoin ETFs combined, according to BitMEX Research data .

Net inflows for all the spot bitcoin ETFs reached $648.4 million on Tuesday — the highest since Feb. 28 and the third-largest since launch. That came despite $332.5 million in outflows from Grayscale’s converted GBTC fund yesterday, adding to its total outflows of $9.6 billion.

“GBTC has seen almost $10 billion in outflows yet has the same amount of assets it did on launch day,” Bloomberg ETF analyst Eric Balchunas said . “Seems like magic, but it's the bull market subsidy and same physics keeping outflow-ridden active equity mutual funds with massive assets still (albeit mirage-y since customers have left but who cares, revenue is still real).”

Fidelity’s FBTC was in second place with $125.6 million worth of inflows on Tuesday, followed by Ark Invest 21 Shares’ $63.7 million of inflows. Invesco’s BTCO was the only other fund to witness outflows. Total net inflows since the ETFs launched on Jan. 11 now stand at over $8.5 billion.

The inflows have contributed to IBIT reaching around $11.5 million in assets under management, with the U.S. spot bitcoin ETFs managing around $50 billion combined. The newborn nine ETFs — excluding Grayscale’s converted fund — now hold more than 350,000  BTC -0.99% , led by IBIT with nearly 174,000 BTC, per BitMEX Research.

Meanwhile, Grayscale’s higher fee GBTC fund has dropped by 30% to just over 385,000 BTC ($26 billion at current prices) from around 619,000 BTC ($41 billion) since the spot bitcoin ETFs began trading.

Spot bitcoin ETF daily trading volumes hit record of nearly $10 billion

Trading volume for the U.S. spot bitcoin ETFs also hit a record of $9.75 billion on Tuesday, surpassing the prior record volume of $7.64 billion on Feb. 28 as bitcoin’s price reached a new all-time high of $69,325 on Coinbase.

Yesterday’s trading volume was also led by BlackRock’s IBIT, registering a record $3.76 billion, with Grayscale’s GBTC and Fidelity’s FBTC generating $2.81 billion and $2.05 billion, respectively, according to The Block’s data dashboard .

 

“MILESTONE: the ten Bitcoin ETFs did $10 billion in volume today, smashing the previous record set last Wednesday,” Balchunas said . “Volatility and volume go hand in hand with ETFs so not totally surprised. That said these are bananas numbers for ETFs under 2 months old. IBIT, FBTC, BITB, ARKB all with record days.”

Cumulative trading volume for all spot bitcoin ETFs is now approaching $90 billion.

 

Bitcoin breaks previous all-time high

The price of bitcoin finally surpassed its previous all-time high of $69,000 yesterday after 846 days. The largest cryptocurrency by market cap has risen nearly 350% since bottoming out above $15,000 in November 2022 — gaining around 70% this year alone to reach the new peak.

However, the price of bitcoin subsequently fell swiftly within minutes, rejecting from the $69,325 high to drop by over $10,000, or nearly 15%, to a low of around $59,225 — leading to over $1 billion in liquidations over the past 24 hours, according to CoinGlass data .

Bitcoin has since recovered, currently trading for $66,302, according to The Block’s price page .