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BlackRock’s spot Bitcoin exchange-traded fund IBIT recorded an all-time high in daily trading volume, surpassing a notional value of $10 billion, signaling mounting selling pressure in the cryptocurrency market and growing concern among institutional investors.

More than 284 million shares of IBIT changed hands in a single session—the highest level since the fund’s launch and a sharp increase over its previous record. The surge in activity coincided with a steep 13% decline in the fund’s price, pushing it below $35, its lowest level since October 2024. Year-to-date losses have widened to approximately 27%, down from a peak of $71.82 reached in early October last year.

The heavy trading was accompanied by significant redemptions, with nearly $175 million withdrawn from the fund in one day, accounting for a substantial share of total outflows from U.S.-listed Bitcoin ETFs over the same period. IBIT remains the largest publicly traded Bitcoin ETF, holding physical Bitcoin to track the spot price of the world’s largest cryptocurrency.

The decline comes as Bitcoin itself fell toward the $60,000 level, adding pressure to Bitcoin-linked investment vehicles that institutions have increasingly used as a regulated and relatively lower-risk way to gain exposure to digital assets.

Analysts suggest that the combination of record trading volumes, sharp price declines, and accelerating redemptions may point to a phase of “investor capitulation,” where even long-term holders begin liquidating positions under the weight of sustained losses—often a hallmark of late-stage bear markets that can precede price stabilization or bottom formation.