BlackRock’s spot Bitcoin exchange-traded fund (ETF) has recorded its highest-ever daily trading volume as investors reacted to a steep drop in Bitcoin’s price.
According to Bloomberg ETF analyst Eric Balchunas, BlackRock’s iShares Bitcoin Trust (IBIT) saw roughly $10 billion worth of shares traded on Thursday, smashing its previous daily volume record. The surge in activity came as Bitcoin extended a sharp market-wide sell-off.
$IBIT just crushed its daily volume record with $10b worth of shares traded as its price fell 13%, second worst daily price drop since it launched. Brutal. pic.twitter.com/HxMDl9fxbW
— Eric Balchunas (@EricBalchunas) February 5, 2026
Balchunas noted that IBIT fell 13% in a single day, marking its second-largest daily decline since launching. The fund’s worst one-day drop remains the 15% plunge recorded on May 8, 2024.
Outflows mount as Bitcoin slumps further
The spike in trading followed significant capital exits from the ETF. On Wednesday alone, IBIT posted net outflows of $373.4 million, and has recorded net inflows on just 10 trading days so far in 2026.
Since the broader crypto market downturn that began in early October, IBIT has struggled to sustain consistent investor demand, mirroring Bitcoin’s prolonged slide.
Bitcoin dropped as much as 12% over the past 24 hours, briefly touching a low of $60,300 before rebounding to around $64,000, according to CoinGecko data. The asset is now down roughly 50% from its all-time high near $126,000, reached in early October.
IBIT has followed a similar trajectory. After peaking close to $70 in October, the ETF has fallen about 48%, closing Thursday’s session at $36.10.
Investor losses deepen as analysts warn of more downside
Bob Elliott, chief investment officer at Unlimited Funds, said the average dollar invested in IBIT is now underwater, highlighting the growing pressure on investors as losses deepen.
The latest leg down in Bitcoin has been linked to weaker-than-expected US jobs data and rising unease about the scale of capital flowing into the artificial intelligence sector, which some fear may be overheating.
Meanwhile, veteran trader Peter Brandt warned that the sell-off may not be finished. In a post on Wednesday, Brandt said Bitcoin is showing signs of “campaign selling,” with limited buying interest stepping in to stabilize prices.
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