- BlackRock sold a record amount of Bitcoin, triggering its largest-ever outflow from the iShares Bitcoin Trust (IBIT).
- Spot Bitcoin ETFs are on track for nearly $3 billion in net outflows for November, driven mostly by BlackRock‘s $2.1 billion withdrawals.
- Bitcoin’s price dropped over 4% in 24 hours, falling below $90,000 and liquidating more than $100 million in leveraged positions.
- More than 162,800 traders were liquidated within a single day, accounting for about a quarter of all recent Bitcoin liquidations.
A significant sell-off by BlackRock led to its largest redemption from the iShares Bitcoin Trust (IBIT) since the ETF’s launch in January 2024, resulting in a sharp fall in Bitcoin (BTC) prices. The token dropped over 4% in the last 24 hours, slipping below $90,000 and causing over $100 million in leveraged positions to be wiped out in just one hour.
On-chain data from Arkham revealed that BlackRock offloaded the highest volume of Bitcoin to date. This move coincided with IBIT recording $523 million in net outflows in a single day, its highest daily redemption, as shown by SoSoValue.
Spot Bitcoin ETFs are approaching $3 billion in total net outflows for November, positioning this month as the weakest in their history. Of that sum, BlackRock accounts for $2.1 billion. ETF operators such as BlackRock buy or sell Bitcoin to match investor demand. When there are high redemptions, providers must sell Bitcoin, which can put pressure on the token’s market price.
During the latest market drop, more than 162,800 traders saw their positions liquidated, as recorded by CoinGlass. This single-hour liquidation represented roughly 25% of all Bitcoin liquidations in the past day.
Despite the significant outflows and corresponding price drop, retail sentiment surrounding the IBIT fund remained in ‘bullish’ territory on some trading platforms. In contrast, sentiment towards Bitcoin itself turned ‘bearish’ with a spike in retail activity during the decline.
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