Last week, BlackRock’s Spot Bitcoin (BTC) Exchange-Traded Fund (ETF) prices fell by more than 11%, reaching their highest since mid-November, according to data source TradingView.
More than 331 million shares of ETF, trading under NASDAQ’s IBIT ticker, have changed hands as it fell below its $50.69 support in January and eventually slid to a lowest $46.07 since early November.
It could be a disappointing development for the bull. For decades, one of the basic rules of the market is that you have to examine price movements by trading volume. That is, if the number of shares or contracts traded on the exchange increases significantly, a bearish price action is considered to have a foot.
Additionally, data from far side investors shows that investors have withdrawn over $1 billion from the ETF on a reduced CME futures basis, representing price slides and carry trade returns. Ten other US registered ETFs also bleed money.
Still, IBIT is the world’s largest ETF, earning $39.6 billion in assets under management.
Last Tuesday, trading volumes increased as trading volumes fell below IBIT support at $50.69.
The technical outlook remains bearish, but prices are below the resistance that has switched to previous support.