TLDR

  • On Thursday, IBIT traded $10 billion while Bitcoin registered one of its most significant intraday drops in 15 months.
  • IBIT closed at $36.10, a 48% decrease from its peak of nearly $70 in October 2025.
  • IBIT had net outflows of $373.4 million and has seen net inflows on only 10 days in 2026.
  • XRP dropped 25% on Thursday, while TRON fell 4%, the smallest decline among the top 50 tokens.

BlackRock’s iShares Bitcoin Trust (IBIT) has achieved its all-time highest daily trading volume of $10 billion. This milestone occurred as Bitcoin’s price plummeted sharply, sparking one of the ETF’s worst single-day performances since its launch. Amid a widespread sell-off in digital assets, investors hurried to adjust their positions, leading to record-breaking trading activity for the largest spot Bitcoin ETF in the market.

BlackRock ETF Sees Record Day Amid Crypto Sell-Off

The iShares Bitcoin Trust ETF (IBIT), overseen by BlackRock, hit $10 billion in daily trading volume on Thursday. This denotes the highest volume day for the ETF since its debut in January 2024. The surge in trading followed a sharp decline in Bitcoin’s price, which dropped by 7% during the session.

According to Bloomberg ETF analyst Eric Balchunas, IBIT’s price decrease was its second-biggest daily performance, coming after a 15% drop on May 8, 2024. The prior volume record was around $8 billion on November 21, 2025. IBIT usually has between $2 billion and $3 billion traded daily, with $5 billion regarded as a high-volume session.

Bitcoin Slides as Traders React to Market Conditions

Bitcoin dropped by 6.95% in the past 24 hours, trading at approximately $65,770 at the close on Thursday. It touched a low of $60,300 after opening near $73,100, representing one of its most substantial intraday drops in over a year.

This was the first time it fell below the $70,000 level in 15 months. The broader market downturn followed weaker-than-expected U.S. employment data and increased capital flows into the artificial intelligence sector.

The shift has sparked worries about the sustainability of recent crypto gains. Veteran trader Peter Brandt noted that Bitcoin displayed ‘fingerprints of campaign selling’ with limited buying activity during the session.

ETF Price Declines and Investor Positions Turn Negative

IBIT’s share price closed at $36.10 on Thursday, indicating a 48% decrease from its peak near $70 in early October 2025. The fund has mirrored Bitcoin’s price trajectory, which is down nearly 50% from its record high of $126,000, also established in October.

On Wednesday, IBIT saw net outflows of $373.4 million as investors kept withdrawing capital from the fund.

Thus far in 2026, IBIT has only had net inflows on 10 trading days. Bob Elliott, Chief Investment Officer at Unlimited Funds, stated on X that ‘the average dollar invested in IBIT is now in negative territory.’

Crypto Market Cap Falls Below $2.2 Trillion

The remainder of the crypto market declined alongside Bitcoin. XRP was the poorest performer among major assets, dropping 25%. TRON fell by 4%, the smallest decrease among the top 50 tokens by market capitalization.

Overall market capitalization dropped from over $3 trillion at the end of January to approximately $2.16 trillion. Despite the continuing losses, IBIT remains the largest spot ETF, with around $56 billion in assets under management.

Its high-volume day indicates that investors still depend on the fund for Bitcoin exposure during volatile periods. The fund is anticipated to stay sensitive to Bitcoin price fluctuations, particularly as macroeconomic conditions change and market sentiment varies.