BlackRock’s IBIT Breaks $10B Volume Record While Bitcoin Drops to $65K

TLDR

• IBIT traded $10B Thursday as Bitcoin posted one of its steepest intraday drops in 15 months.
• IBIT closed at $36.10, down 48% from its peak of nearly $70 in October 2025.
• IBIT posted $373.4M in net outflows and has seen inflows in only 10 days in 2026.
• XRP fell 25% Thursday, while TRON was down 4%, the lowest among the top 50 tokens.

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BlackRock’s iShares Bitcoin Trust (IBIT) has recorded its highest-ever daily trading volume of $10 billion. The milestone came as the price of Bitcoin dropped sharply, triggering one of the ETF’s worst single-day performances since launch. Investors rushed to adjust positions amid a broad sell-off in digital assets, contributing to record-breaking trading activity for the largest spot Bitcoin ETF on the market.

BlackRock ETF Sees Record Day Amid Crypto Sell-Off

The iShares Bitcoin Trust ETF (IBIT), managed by BlackRock, reached $10 billion in daily trading volume on Thursday. This marks the highest volume day for the ETF since its launch in January 2024. The trading surge followed a sharp drop in Bitcoin’s price, which fell 7% during the session.

According to Bloomberg ETF analyst Eric Balchunas, IBIT’s price decline was its second-worst daily performance, following a 15% drop on May 8, 2024. The previous volume record stood at around $8 billion on November 21, 2025. IBIT typically sees between $2 billion and $3 billion traded daily, with $5 billion considered a high-volume session.

Bitcoin Slides as Traders React to Market Conditions

Bitcoin fell 6.95% in the past 24 hours, trading around $65,770 at the close on Thursday. It reached a low of $60,300 after opening near $73,100, marking one of its largest intraday declines in over a year.

This was the first time Bitcoin fell below the $70,000 level in 15 months. The broader market drop followed weaker-than-expected U.S. employment data and increased capital flows into the artificial intelligence sector.

The shift has raised concerns about the sustainability of recent crypto gains. Peter Brandt, a veteran trader, wrote that Bitcoin showed “fingerprints of campaign selling” with limited buying activity during the session.

ETF Price Declines and Investor Positions Turn Negative

IBIT’s share price closed at $36.10 on Thursday, representing a 48% decline from its peak near $70 in early October 2025. The fund has mirrored Bitcoin’s price path, which is down nearly 50% from its record high of $126,000, also set in October.

On Wednesday, IBIT experienced net outflows of $373.4 million, as investors continued to pull capital from the fund.

So far in 2026, IBIT has only recorded net inflows on 10 trading days. Bob Elliott, Chief Investment Officer at Unlimited Funds, posted on X that “the average dollar invested in IBIT is now underwater.”

Crypto Market Cap Falls Below $2.2 Trillion

The rest of the crypto market experienced declines along with Bitcoin. XRP was the worst performer among major assets, falling 25%. TRON fell by 4%, the lowest loss among the top 50 tokens by market capitalization.

Overall market cap dropped from over $3 trillion at the end of January to approximately $2.16 trillion. Despite the ongoing losses, IBIT remains the largest spot Bitcoin ETF, with around $56 billion in assets under management.

Its high volume day shows that investors continue to rely on the fund for Bitcoin exposure during volatile periods. The fund is expected to remain sensitive to Bitcoin price swings, especially as macroeconomic conditions evolve and market sentiment fluctuates.

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