IBIT's $231.6M Inflow Amid Record Volume and 13% Crash

Bitcoin plunged roughly 11-13% to trade around $64,000, marking its second-worst single-day drop since the launch of BlackRock's iShares Bitcoin Trust ETF (IBIT). The broader U.S. spot Bitcoin ETF universe saw about $272 million in net outflows on the same day, reflecting a broad shift to risk-management selling and profit-taking. Yet within that red tape, IBIT stood out with a record single-day trading volume of $10 billion, dwarfing its typical couple of billion dollar sessions.

This extreme volume confirms intense de-leveraging and rotation, not a freeze in the ETF ecosystem. While the fund's price fell 13%, its largest single-day crash since launch, the sheer scale of shares changing hands shows deep liquidity as capital is re-cut and re-allocated. The crash itself is a direct mirror of the underlying stress in the BTC/USDT market, which saw its price fall from roughly $73,100 at open to a low near $62,400, representing a nearly 15% decline.

The bottom line is a market in active repricing. Shrinking assets under management, with the total ETF complex now below $100 billion, contrast with explosive volume. This combination signals a period of volatility where large accounts are rotating, consolidating, and cutting leverage while keeping core exposure through the most liquid wrappers.

IBIT's Contrarian Inflow

Despite its massive single-day crash, BlackRock's IBIT recorded a significant net inflow of $231.6 million yesterday. This made it the top performer among all U.S. spot Bitcoin ETFs for the day, standing in stark contrast to outflows from other major funds like FBTC, ARKB, and GBTC.

The inflow is a notable outlier. It occurred even as IBIT's price fell 13%, marking its second-worst daily decline since launch. More telling is the context: this was the fund's largest single-day crash of 15% earlier in the year, and it followed a $373.4 million outflow the previous day. IBIT has now recorded just 10 net inflow days in 2026.

The bottom line is a story of extreme divergence. While the broader ETF complex saw net outflows, IBIT's massive volume and this specific inflow highlight a deep split in investor behavior. Some large accounts are aggressively rotating into the most liquid Bitcoin wrapper even amid severe price stress, while others are pulling back.

Options: Extreme Bearishness and the Inflow's Likely Source

Options activity exploded, with $900 million in premiums paid on a record volume of 2.33 million contracts. Put volume dominated calls by a 5:1 ratio, signaling intense demand for downside protection during the crash.

True sentiment analysis reveals extreme conviction. Put dollar volume accounted for 84.2% of the total, dwarfing call volume. This pure directional bearishness points to expectations of further near-term declines, aligning with the price breakdown.

Viewed another way, this derivative stress suggests the $231.6 million inflow likely came from traders hedging or positioning for a bounce, not a broad re-entry into the asset. The inflow is a liquidity event within a market of high conviction in further downside.