Last week, BlackRock's bitcoin exchange-traded fund (ETF) saw a decline in prices of over 11%, reaching its lowest level since November. The high trading volumes during this decline were seen as disappointing for bullish investors. Over 331 million shares of the ETF were exchanged, and data from Farside Investors showed over $1 billion being pulled out from the ETF as panic selling occurred due to the price slide and decreasing CME futures basis. Despite this, the IBIT remains the largest ETF globally, with $39.6 billion in assets under management. The technical outlook for the ETF remains bearish as long as prices remain below the former support-turned-resistance level.



Other News from Today