- BlackRock‘s iShares Bitcoin Trust ETF (IBIT) recorded historic trading volume of $10.7 billion and nearly $900 million in options premiums in a single day.
- Analysts suggest the selling pressure was likely a concentrated institutional move, not a broad crypto market sell-off, pointing to atypical price action and low exchange liquidations.
- The episode underscores the growing role of ETF options in institutional crypto strategy, with future 13F filings expected to clarify the situation.
- Bitcoin spot ETFs saw a total net outflow of $434.15 million, with IBIT itself experiencing a $175.33 million daily outflow.
A record surge in trading for BlackRock’s Bitcoin ETF on Thursday, coinciding with a sharp market decline, is being attributed to a potential large-scale institutional sale. This activity, which included $10.7 billion in volume and $900 million in options premiums, suggests a significant shift in how major players interact with crypto markets.
Market watcher Parker noted the scale implies a single source, such as a hedge fund trading IBIT options. He highlighted that the simultaneous drop in Bitcoin and Solana, paired with low liquidations, did not match typical retail-driven sell-offs.
Consequently, clearer evidence may emerge from future regulatory filings. Under current SEC rules, these 13F disclosures could be delayed until mid-May. Meanwhile, data shows Bitcoin spot ETFs had a total net outflow of $434.15 million.
Another analyst, Zcasho, shared a similar view that the move resembled forced selling from a leveraged options position. This institutional interest is further reflected in a Nasdaq proposal to expand options trading limits for IBIT.
In a related observation, Bloomberg’s Eric Balchunas pointed out that while Bitcoin’s price fell sharply, ETF holdings remained relatively stable.
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