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BlackRock's iShares 
Bitcoin ETF (IBIT) experienced record trading volumes yesterday amid a brutal market rout that sent the fund plunging 18% and saw BTC flirting with $60k.
What's the Scoop?
- Record Volumes: IBIT traded more than $10B of shares during the regular trading session on February 5, surpassing its prior daily volume record set November 21, 2025, by approximately 25%. The historic volumes came amid a 13% drawdown – the second largest percentage loss for IBIT ever – and record options trading activity.
- Flows Perspective: Bitcoin ETFs reported $434M in net outflows yesterday, with IBIT contributing $175M. Total outflows since collapse started in early October now amount to around $8B, meaning funds have retained 90% of their AUM despite an approximately 50% drawdown.
What's the Take?
Heavy volume trading sessions can signify exhaustion of capitulation, two types of market behavior that can be helpful in identifying local tops and bottoms in markets.
In light of yesterday's historic volumes IBIT, today's considerable double-digit BTC relief rally indicates that the market did indeed put a local bottom.
Whether this is a new bull market or simply another dead cat bounce (the last record IBIT volume day on November 21 eventually proved as such) remains to be seen; weekly volumes of Coinbase's BTC-USD have achieved just one-quarter of their 2022 post-FTX peak.
$IBIT just crushed its daily volume record with $10b worth of shares traded as its price fell 13%, second worst daily price drop since it launched. Brutal. pic.twitter.com/HxMDl9fxbW
— Eric Balchunas (@EricBalchunas) February 5, 2026
