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 billion 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 -0.48% , 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.

BTC/USD. Image: The Block/TradingView.