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BlackRock's Bitcoin ETF Registers Highest Trading Volume in 3 Months
The ETF saw over $1 billion in outflows last week alongside a surge in trading volumes.
Updated Mar 5, 2025, 6:33 p.m. Published Mar 5, 2025, 7:04 a.m.
What to know:
- BlackRock's spot bitcoin ETF (IBIT) dropped 11% last week, with trading volume reaching levels seen in November.
- Over $1 billion was withdrawn from the ETF.
Last week, prices for BlackRock's spot bitcoin exchange-traded fund (ETF) declined over 11%, with volumes reaching the highest since mid-November, according to data source TradingView.
Over 331 million shares of the ETF, which trades under the IBIT ticker on Nasdaq, changed hands as the fund's price dipped below the January support of $50.69, eventually sliding to $46.07, the lowest since early November.
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That might be a disappointment development for the bulls. For decades, one of the cardinal rules in the market has been that price movements must be validated by trading volume. It means that a bearish price action is considered to have legs when accompanied by a notable increase in the number of shares or contracts traded on the exchange.
Additionally, data from Farside Investors show investors pulled out more than $1 billion from the ETF as the price slide and the dwindling CME futures basis, representing the return on carry trades, led to panic selling. Other ten U.S.-listed ETFs bled money as well.
Still, IBIT remains the largest ETF in the world, with $39.6 billion in assets under management.
Trading volume picked up last Tuesday as IBIT broke below the horizontal support at $50.69 to signal more losses ahead.
The technical outlook remains bearish while prices hold below the former support-turned-resistance.
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The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
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