BlackRock’s spot bitcoin ETF posts $10 billion daily volume record as BTC records major intra-day decline: Bloomberg

BlackRock’s flagship spot bitcoin fund, IBIT, has smashed another record in terms of single-day volumes, with some $10 billion worth of value traded, according to Bloomberg ETF analyst Eric Balchunas. 

“$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,” Balchunas wrote in a Friday X post, citing Bloomberg data. 

The BlackRock iShares Bitcoin Trust’s previous volume record of about $8 billion was set on Nov. 21, according to SoSoValue. The fund typically records a couple of billion dollars worth of trades per day, with $3 billion representing a busy day. 

However, amid the multi-week downturn in crypto prices, which has accelerated over the past several days, IBIT has recorded several high-volume trading sessions above $5 billion. 

Bitcoin posted one of its single-largest intraday drops on Thursday, falling from roughly $73,100 at open to a low near $62,400, representing a nearly 15% decline. It is also the first time the asset has fallen below $70,000 in the past 15 months. 

The rest of the crypto market, from small caps to blue chips and equities, is also down. The total crypto market cap has fallen from over $3 trillion at the end of January to about $2.16 trillion today.

XRP has been the worst-performing major on Thursday, down about 25%, while TRON, only down 4%, is faring the best among the top 50 coins by market cap.

IBIT is by far the largest spot bitcoin ETF, with about $56 billion in assets.