BlackRock’s Bitcoin spot exchange-traded funds (ETFs) have reportedly experienced a record-breaking daily trading volume, as traders responded quickly to Bitcoin’s rapid price drop.
The iShares Bitcoin Trust ETF (IBIT) “crushed its daily volume record” Eric Balchunas, Bloomberg ETF Analyst, said that the trading volume of $10 billion was astronomical on Thursday. said On X.
Balchunas also added that IBIT fell 13% in the same day. “second-worst daily price drop since it launched,” The biggest price drop of 15% is expected on 8 May 2024.
On Wednesday, IBIT posted net outflows totalling $373.4 millionThe ETF has only had 10 trading days in which it received net inflows in 2026. It has been difficult for the ETF to keep a steady stream of inflows after a crypto crash early in October.BTCThe price of ) is continuing to fall.
Bitcoin has dropped The price of bitcoin has increased by 12% to $64,000 in just 24 hours after hitting an all-time low of $60300. CoinGecko reports that the price of bitcoin has dropped by about 50% since it reached its peak at around $126,000 early in October. data.
IBIT also followed the same pattern. It peaked at almost $70 back in early October. Since then, it has dropped by around 48 percent to settle on $36.10, as of Thursday’s close.
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Bob Elliott, chief investment officer of asset manager Unlimited Funds. said on Sunday As of Friday’s close, the IBIT Fund suffered another day in which it lost money.
BTC’s latest crash is a reaction to the recent market volatility. weak US job market data Growing concerns about the large amount of capital that is being invested in the artificial-intelligence sector.
Peter Brandt and other analysts have made the argument that carnage may not be overNoting that Bitcoin has been showing signs of growth, the company said on Wednesday “fingerprints of campaign selling” With few buyers buying in, the price will rise.
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Source: cointelegraph.com
