BlackRock's IBIT Records $10B Trade Day as Institutions Flee Bitcoin ETF

BlackRock’s IBIT Bitcoin ETF shattered trading records with over 284 million shares traded—about $10 billion in value—in a session during which the price fell roughly 13% to under $35, signaling a 27% year-to-date loss. The day also saw about $175 million in redemptions and a surge in put activity, suggesting institutional capitulation, though some analysts see potential for a local bottom if panic subsides, even as the path to recovery could be slow.