BlackRock’s spot Bitcoin ETF iShares Bitcoin Trust (IBIT) reached a record daily trading volume amid traders’ intense interest in the rapid drop in Bitcoin price. According to Bloomberg ETF analyst Eric Balchunas’s post on X, $10 billion worth of shares were traded on Thursday.
Source: Eric Balchunas
IBIT Had Its Second Worst Day with Record Volume
IBIT lost 13% of its value that day, experiencing its second worst daily drop since launch. On Wednesday, there was a net outflow of $373.4 million, and the ETF has not provided consistent inflows since the crypto market crash at the beginning of October. Bitcoin (BTC) fell 9.36% in the last 24 hours to $65,482. It dropped about 48% from its peak of $126,000 at the beginning of October. IBIT also fell 48% from its peak and approached $36.10.
BTC Price’s First Drop Below $70,000
Bitcoin fell below $70,000 for the first time since November 6, 2024. The market is under pressure from weak US employment data and concerns about capital shifting to the AI sector. Current price $65,482.40, 24-hour change -9.36%. This drop triggered panic selling among traders, causing IBIT’s volume to break records. Click for detailed BTC analysis.
Technical Analysis: RSI Giving Oversold Signal
RSI at 20.22 in the oversold region. Trend: Downtrend, Supertrend: Bearish. EMA 20: $80,521. Support and resistance levels are as follows:
| Level | Price | Score | Distance | Sources |
|---|---|---|---|---|
| S1 | 62.909,86 $ | 74/100 ⭐ | -2,63% | POC, Prev Day Close |
| S2 | 60.000 $ | 72/100 ⭐ | -7,14% | Fibo 0.000 |
| R1 | 65.881,49 $ | 72/100 ⭐ | +1,97% | Fibo 0.114, MACD |
| R2 | 100.636,69 $ | 63/100 ⭐ | +55,76% | Fibo 0.786, BB Upper |
S1 is strong support; if broken, it could accelerate toward $60,000. Details on BTC futures here.
MicroStrategy CEO Phong’s BTC Warning
MicroStrategy CEO Phong announced they will not sign any contracts below their BTC average of $76,000. In the worst-case scenario, a BTC price of $8,000 would make debt payments difficult. Risk is increasing for $MSTR and $IBIT; a market crash could hit ETFs too.
IBIT and BTC Market Impacts
This volume increases liquidity while raising volatility. Investors should monitor Fed policies following employment data. IBIT is affecting the BTC spot market; if institutional inflows recover, it could turn into a rally.
Source: https://en.coinotag.com/ibit-record-volume-10-billion-dollars-during-btc-drop
