BlackRock’s IBIT spot bitcoin ETF reached all-time highs on Tuesday, bringing in a record-breaking $788.3 million per day. This accomplishment comes as Bitcoin continues to rise, surpassing its previous all-time high of over $69,000. IBIT’s performance exceeded its previous peak, increasing almost 30% over the record of $603.9 million achieved in late February.
Additionally, the day saw a record-breaking daily trading volume of about $10 billion for U.S. spot bitcoin ETFs. The fervent activity demonstrates the increasing desire of investors to have exposure to bitcoin through reputable financial products.
Although $332.5 million was taken out of Grayscale’s GBTC fund, the market for spot bitcoin ETFs as a whole showed strong health. With $648.4 million in net inflows for these ETFs on Tuesday, it was the third-largest influx for the sector since its founding. Thanks to the “bull market subsidy,” as Bloomberg ETF analyst Eric Balchunas put it, this trend continued even as GBTC’s assets stayed constant.
Since January 11, net inflows of more than $8.5 billion have increased the total assets under management for U.S. spot bitcoin exchange-traded funds (ETFs), to around $50 billion. The new generation of ETFs holds over 350,000 BTC, with IBIT leading the pack with around 174,000 BTC managed by itself.
These patterns indicate both rising investor confidence and the growing incorporation of cryptocurrencycurrencies into traditional financial products as the bitcoin investing landscape changes.