Bitcoin (BTC-USD) briefly surpassed its November 2021 record high on Tuesday as demand for the token continued to be fueled by excitement over spot bitcoin exchange-traded funds and the April halving event.

The highest-profile cryptocurrency advanced as much as 2.5% to $69.1K at 10:10 a.m. ET, before paring back gains to $67.3K at 10:53 a.m. ET. The token's previous record of $68.9K was reached on Nov. 10, 2021.

The upswing took bitcoin's (BTC-USD) market cap to as high as $1.35T, exceeding the entire U.S. high-yield bond market, only to retreat to $1.31T at the time of writing, according to data from CoinMarketCap.

Stoking the bullish sentiment, billions of dollars of investors' capital have flowed into the newly approved spot bitcoin (BTC-USD) ETFs, and also investors appear to be pricing in a looming reduction in bitcoin's supply growth (that is, the halving event).

Interestingly, bitcoin (BTC-USD) mining stocks, which typically have a strong relationship with the price of BTC, fell markedly in Tuesday morning trading. Riot Platforms (NASDAQ:RIOT), which earlier posted a 20% monthly decline in BTC production, slid 8.2%, Marathon Digital (NASDAQ:MARA), dived 9.1%, CleanSpark (NASDAQ:CLSK) fell 5.5% and HIVE Digital Technologies (NASDAQ:HIVE) -4.9%. Also, MicroStrategy (NASDAQ:MSTR), the largest corporate holder of BTC, slumped 10.7%, while crypto exchange Coinbase (NASDAQ:COIN) slipped 0.1%.

By comparison, the overall stock market shifted lower, with the Dow Jones down 0.6%, S&P 500 -0.8% and Nasdaq -1.6%, despite the fact that interest rates eased back.