BlackRock’s spot Bitcoin exchange-traded fund (ETF) recorded a new all-time high in daily trading volume as investors reacted to Bitcoin’s sharp price decline.
The iShares Bitcoin Trust ETF (IBIT) “smashed its daily volume record” on Thursday, with approximately $10 billion worth of shares changing hands, according to Bloomberg ETF analyst Eric Balchunas in a post on X.
Balchunas noted that IBIT fell 13% on the day, marking its second-largest single-day price drop since launch. The fund’s steepest daily decline remains a 15% drop recorded on May 8, 2024.
On Wednesday, IBIT recorded net outflows of $373.4 million, bringing its total to just 10 days of net inflows so far in 2026. The ETF has struggled to sustain consistent inflows since a broader crypto market crash in early October, as Bitcoin prices continue to slide.
Bitcoin fell 12% over the past 24 hours to around $64,000, rebounding slightly after touching a low of $60,300. The cryptocurrency is now down roughly 50% from its all-time high of about $126,000 reached in early October, according to CoinGecko data.
IBIT has mirrored Bitcoin’s decline. After peaking near $70 in early October, the ETF has dropped around 48% and closed at $36.10 on Thursday. Bob Elliott, chief investment officer at Unlimited Funds, said on Sunday that the average dollar invested in IBIT is now underwater as of Friday’s market close, marking another difficult day for the fund.
The latest Bitcoin sell-off follows weaker-than-expected US jobs data and growing investor concerns over the scale of capital flowing into the artificial intelligence sector.
Some analysts warn the downturn may not be over. Veteran trader Peter Brandt said on Wednesday that Bitcoin is showing “fingerprints of campaign selling,” with limited buying interest emerging to support prices.
