TLDR
- BlackRock’s IBIT spot Bitcoin ETF hit a record $10 billion in daily trading volume on Thursday
- The ETF dropped 13% on the day, marking its second-worst daily decline since launch
- Bitcoin fell 12% in 24 hours to $64,000, down 50% from its October high of $126,000
- IBIT posted $373.4 million in net outflows on Wednesday with only 10 net inflow days in 2026
- The average dollar invested in IBIT is now underwater according to Unlimited Funds
BlackRock’s iShares Bitcoin Trust ETF set a new daily trading volume record on Thursday. The fund saw $10 billion worth of shares change hands as Bitcoin prices crashed.
Bloomberg ETF analyst Eric Balchunas reported the record-breaking volume on social media. He noted that IBIT’s price fell 13% during the trading session.
$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. pic.twitter.com/HxMDl9fxbW
— Eric Balchunas (@EricBalchunas) February 5, 2026
This marked the second-worst daily price drop since the ETF launched. The largest single-day decline was 15% on May 8, 2024.
The previous volume record for IBIT was approximately $8 billion set on November 21, 2024. The fund typically sees between $2 billion and $3 billion in daily trading volume.
Bitcoin dropped 12% in the past 24 hours to reach $64,000. The cryptocurrency briefly touched a low of $60,300 before recovering slightly.
Bitcoin Down 50% From Peak
The price represents a steep decline from Bitcoin’s all-time high. The cryptocurrency peaked at around $126,000 in early October 2025.
Bitcoin has now fallen approximately 50% from that peak. This marks the first time the asset has traded below $70,000 in 15 months.
IBIT has followed a similar downward trajectory. The ETF reached nearly $70 per share in early October.
As of Thursday’s close, IBIT traded at $36.10. This represents a 48% decline from its October peak.
Outflows Continue for BlackRock ETF
IBIT recorded net outflows of $373.4 million on Wednesday. The fund has only experienced 10 days of net inflows in 2026.
Bob Elliott, investment chief at Unlimited Funds, stated that the average dollar invested in IBIT is now underwater. This milestone was reached as of Friday’s market close.
The ETF has struggled to maintain consistent inflows since October. A crypto market crash in early October triggered the reversal in fund flows.
IBIT remains the largest spot Bitcoin ETF by assets. The fund holds approximately $56 billion in assets under management.
Market Selloff Accelerates
The broader crypto market has experienced widespread losses. Total crypto market capitalization dropped from over $3 trillion in late January to $2.16 trillion.
XRP was among the worst performers on Thursday, falling about 25%. TRON showed relative strength, declining only 4% among the top 50 cryptocurrencies by market cap.
The selloff extends beyond digital assets. Crypto-related equities have also declined during the market downturn.
Market observers point to weak US job market data as one factor. Growing concerns about capital allocation in the artificial intelligence sector have also weighed on risk assets.
Veteran trader Peter Brandt suggested the decline may continue. He noted on Wednesday that Bitcoin shows “fingerprints of campaign selling” with limited buying interest to support prices.
