BlackRock’s spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), recorded its highest-ever daily trading volume as Bitcoin’s price plunged. The ETF saw $10 billion worth of shares trade hands, according to analyst Eric Balchunas. This surge in activity coincided with Bitcoin falling roughly 50% from its peak and IBIT posting significant net outflows as the average investor in the fund is now underwater.
BlackRock‘s spot Bitcoin exchange-traded fund hit a record daily trading volume during a sharp market decline. The iShares Bitcoin Trust ETF (IBIT) saw $10 billion worth of shares traded, as stated by Bloomberg ETF analyst Eric Balchunas.
IBIT’s price dropped 13% on the day, marking its second-worst decline since launching. Its largest daily price crash was 15% on May 8, 2024.
The ETF posted net outflows of $373.4 million on Wednesday. It has managed only 10 trading days of net inflows so far in 2026.
Bitcoin’s price fell 12% over 24 hours to $64,000, after hitting a low near $60,300. The cryptocurrency has declined approximately 50% from its all-time high of around $126,000 in early October, according to CoinGecko data.
IBIT has closely tracked this downward trend. It peaked near $70 in early October and has since dropped about 48% to $36.10.
Bob Elliott, investment chief at asset manager Unlimited Funds, noted the average dollar invested in IBIT is now underwater. This assessment followed another difficult trading day for the fund.
The latest Bitcoin price drop coincides with weak U.S. job market data and investor concerns over capital flowing into artificial intelligence. Analyst Peter Brandt suggested the sell-off may continue, noting Bitcoin shows “fingerprints of campaign selling” with few buyers providing support.
