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Bitcoin ETFs, Led by BlackRock's IBIT, See Record $40B Trading Volume as Institutions Capitulate
The U.S.-listed spot bitcoin ETFs saw a record $40 billion in trading volume last week, with IBIT leading the way.
Updated Nov 24, 2025, 1:05 p.m. Published Nov 24, 2025, 5:26 a.m.
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What to know:
- The U.S.-listed spot bitcoin ETFs saw a record $40 billion in trading volume last week, with IBIT leading the way.
- The surge in trading volume, along with price plunge and record redemptions, suggests institutional capitulation.
The 11 U.S.-listed spot bitcoin ETFs shattered trading records last week, with cumulative volumes surpassing $40.32 billion, indicating likely institutional capitulation.
BlackRock's IBIT led the industry with $27.79 billion in trading volume, accounting for nearly 70% of the total, according to data source SoSoValue.
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On Friday alone, these funds recorded over $11.01 billion in trading volume, with BlackRock's IBIT contributing $8 billion.
Capitulation
The record-setting activity comes hand-in-hand with a plunge in bitcoin's price and large redemptions, pointing to institutional capitulation – the rush by investors to exit the fading bets.
Bitcoin's price has dropped 23% this month to $86,700, according to CoinDesk data, falling to nearly $80,000 on some exchanges last week. BlackRock's IBIT has also fallen to its lowest level since April.
BTC's price slide has pushed most ETF holders underwater, as the weighted-average entry price for holders is above $90K, according to Bianco Research.
It's no surprise that the 11 ETFs have cumulatively processed record redemptions worth $3.55 billion this month.
The record redemptions challenge the prevailing belief that these entities take long-term positions, suggesting a possibility that fears of an impending macroeconomic blowup are driving this capitulation.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
