BlackRock's Bitcoin ETF Sees Major Decline Amid Panic Selling

Last week, BlackRock's spot Bitcoin exchange-traded fund (ETF) experienced a significant decline of over 11%. The ETF, trading under the IBIT ticker on Nasdaq, recorded its highest volume since mid-November, with over 331 million shares traded as its price fell beneath the January support level of $50.69, ultimately dropping to $46.07. This bearish sentiment has led to concerns among traders, particularly as more than $1 billion was pulled from the ETF amid declining CME futures. Despite these challenges, the IBIT remains the world's largest ETF with $39.6 billion in assets under management. The current technical outlook is bearish, indicating potential for further losses as trading volumes increased.