BlackRock’s IBIT Spot Bitcoin exchange-traded fund on Tuesday hit an all-time high above $69,000, with Bitcoin hitting a record high of $788.3 million in daily inflows for the first time since November 2021.
Yesterday’s inflows into IBIT were 30% higher than the all-time high of $603.9 million set on February 29, according to BitMEX Research, and total net inflows across all U.S. Spot Bitcoin ETFs registered on Monday. The total amount exceeded $562.7 million. data.
On Tuesday, net inflows across all Spot Bitcoin ETFs reached $648.4 million, the highest since February 28 and the third-largest since launch. This was achieved despite $332.5 million in outflows from Grayscale-converted GBTC funds yesterday, bringing total outflows to $9.6 billion.
“GBTC has experienced nearly $10 billion in outflows, but it still has the same amount of assets as it did at its inception,” said Eric Balchunas, a Bloomberg ETF analyst. Said. “It seems like magic, but it’s the same principle as the bull market subsidy, which allows active equity mutual funds that have suffered outflows to continue to hold on to large amounts of assets (as customers have left). It seems like a mirage, but don’t worry, the profits are still real.”
On Tuesday, Fidelity’s FBTC ranked second with $125.6 million worth of inflows, followed by Ark Invest 21 Shares’ $63.7 million worth of inflows. Invesco’s BTCO was the only fund to witness outflows. Total net inflows since the ETF was launched on January 11th now stand at more than $8.5 billion.
This inflow brings IBIT’s assets under management to approximately $11.5 million, while U.S. spot Bitcoin ETFs collectively manage approximately $50 billion. According to BitMEX Research, the nine newly created ETFs (excluding Grayscale convertible fund) currently hold more than 350,000 BTC, with IBIT holding approximately 174,000 BTC.
Meanwhile, Grayscale’s high-fee GBTC fund has fallen 30% since the Spot Bitcoin ETF began trading, from about 619,000 BTC ($41 billion) to just over 385,000 BTC ($26 billion at current prices).
Spot Bitcoin ETF’s daily trading volume hits a record of nearly $10 billion
U.S. Spot Bitcoin ETF trading volume also hit a record $9.75 billion on Tuesday, reaching its all-time high on February 28 as Bitcoin price hit an all-time high of $69,325 on Coinbase. 7.64 billion dollars.
Yesterday’s trading volume was also led by BlackRock’s IBIT, which hit a record $3.76 billion, while Grayscale’s GBTC and Fidelity’s FBTC each had $2.81 billion, according to The Block’s data dashboard. and generated $2.05 billion.
“Milestone: Today, the volume of 10 Bitcoin ETFs reached $10 billion, breaking the previous record set last Wednesday,” Balciunas said. Said. “Volatility and volume are closely related to ETFs, so this is not surprising at all. That said, these are bananas numbers for an ETF that is less than 2 months old. IBIT, FBTC, BITB, ARKB all recorded I recorded the number of days.
The cumulative trading volume of all Bitcoin Spot ETFs is currently approaching $90 billion.
Bitcoin hits new all-time high
Yesterday, Bitcoin price finally crossed the all-time high of $69,000 for the first time in 846 days. The largest cryptocurrency by market capitalization is up nearly 350% since bottoming above $15,000 in November 2022, and is up nearly 70% this year alone to reach new peaks. There is.
But then Bitcoin’s price fell rapidly within minutes, dropping more than $10,000 (nearly 15%) from a high of $69,325 to a low of about $59,225, and over $1 billion in the past 24 hours. It is said that this led to the liquidation of thecoin glass 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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