Bitcoin News: BlackRock’s BTC exchange-traded fund (IBIT) achieves record trading volume in quarter

Last week, there was a decline of over 11% in prices for BlackRock’s spot bitcoin (BTC) exchange-traded fund (ETF), with volumes reaching the highest since mid-November, as reported by data source TradingView.

More than 331 million shares of the ETF, traded under the IBIT ticker on Nasdaq, were exchanged as the fund’s price dropped below the January support of $50.69, eventually reaching $46.07, the lowest point since early November.

This could be disappointing news for the bulls, as market rules typically require price movements to be corroborated by trading volume. A bearish price action is typically considered more significant if accompanied by a notable increase in trading volume.

Data from Farside Investors indicates that over $1 billion was withdrawn from the ETF due to the price decline and diminishing CME futures basis, leading to panic selling. Other ten U.S.-listed ETFs also experienced outflows.

Despite these challenges, IBIT remains the largest ETF globally, managing $39.6 billion in assets.

IBIT’s weekly and daily charts. (TradingView/CoinDesk)

Trading volume increased last Tuesday as IBIT fell below the $50.69 support, indicating possible further declines.

The technical outlook remains bearish as long as prices stay below the previous support which has now become resistance.

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