BlackRock’s iShares Bitcoin Trust ETF hit a record $10 billion in daily trading volume as Bitcoin plunged sharply, marking heightened investor activity during the market sell-off.
The surge came as Bitcoin fell about 12% in 24 hours to near $64,000, after briefly touching $60,300, leaving the cryptocurrency down roughly 50% from its October peak.
The iShares Bitcoin Trust ETF “crushed its daily volume record” on Thursday, with $10 billion of shares changing hands, said Bloomberg ETF analyst Eric Balchunas.
Balchunas added that IBIT dropped 13% on the day, its second-worst daily decline since launch, following net outflows of $373.4 million earlier in the week.
IBIT has mirrored Bitcoin’s slide, falling about 48% from its early October high near $70 to around $36.10, as inflows have remained inconsistent since the broader crypto market downturn.
Bob Elliott, chief investment officer at Unlimited Funds, said the average dollar invested in IBIT is now underwater, underscoring the pressure on recent buyers.
Veteran trader Peter Brandt warned the sell-off may not be over, saying Bitcoin shows “fingerprints of campaign selling” with limited buying support.
At the time of reporting, Bitcoin price was $65,282.38.