Traders were active in BlackRock’s iShares Bitcoin Trust ETF as Bitcoin plunged, falling 12% in the last 24 hours.
BlackRock’s spot Bitcoin exchange-traded fund, the iShares Bitcoin Trust (IBIT), logged an all-time high daily trading volume of $10 billion on Thursday, Bloomberg ETF analyst Eric Balchunas said on X. IBIT fell 13% on the day, its second-worst daily drop since launch; its largest single-day decline was 15% on May 8, 2024.
On Wednesday the ETF posted net outflows of $373.4 million. IBIT has recorded only 10 trading days of net inflows so far in 2026 and has struggled to sustain consistent inflows since the crypto market crash in early October.
Bitcoin slid about 12% in the past 24 hours to roughly $64,000 after dipping to $60,300, leaving the cryptocurrency down about 50% from its early-October peak near $126,000, per CoinGecko data. IBIT tracked that move, falling from a near-$70 peak in early October to about $36.10 at Thursday’s close, a decline of roughly 48%.
Bob Elliott, chief investment officer at Unlimited Funds, said the average dollar invested in IBIT was underwater as of the market close on Friday. Market observers attribute the latest sell-off to weak U.S. jobs data and concerns over the large amounts of capital flowing into the artificial intelligence sector.
Veteran trader Peter Brandt and other analysts warned the downturn may continue, noting signs of large-scale selling with limited buyer support.
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