BlackRock’s Bitcoin ETF Sees 11% Price Drop and $1 Billion Outflow
BlackRock's spot bitcoin ETF (IBIT) saw a decline of over 11% last week, with trading volumes reaching their highest since mid-November. Key points include:
- More than 331 million shares traded as the price fell below the January support level of $50.69 to $46.07, the lowest since early November.
- Over $1 billion was withdrawn from the ETF amid price declines and weakening CME futures basis, leading to panic selling.
- Other U.S.-listed ETFs also experienced significant outflows.
- IBIT remains the largest ETF globally, with $39.6 billion in assets under management.
- The technical outlook is bearish as prices remain below the former support-turned-resistance level.
