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Institutional capitulation? Bitcoin ETF weekly volume surpasses 40 billion USD, reaching a new high, with BlackRock's BIT accounting for nearly 70%.
SoSoValue data shows that last week, the trading volume of 11 Spot Bitcoin ETFs listed in the United States hit a historic high, with a total trading amount exceeding $40.32 billion, which may indicate a dumping wave by institutional investors. Among them, BlackRock's IBIT led with a trading volume of $27.79 billion, accounting for nearly 70% of the total trading volume.
On just last Friday, these funds had a volume exceeding 11.01 billion USD, with BlackRock's IBIT contributing 8 billion USD. The record trading activity was accompanied by a sharp drop in Bitcoin prices and large-scale redemptions, indicating that institutional investors are rushing to sell.
The price of Bitcoin has dropped 23% this month to $86,700, falling to nearly $80,000 on some exchanges last week. BlackRock's IBIT has also fallen to its lowest level since April.
The plummeting Bitcoin price has led to losses for the majority of ETF holders. According to Bianco Research, the weighted average purchase price for holders exceeds $90,000. The total redemption amount for these 11 ETFs this month reached $3.55 billion, setting a new historical high. (CoinDesk)