Investors yanked a staggering $523 million from BlackRock’s iShares Bitcoin Trust (IBIT) on Tuesday the biggest single-day withdrawal since the fund launched in January 2024.
Bitcoin’s Brutal Week
- Price fell under $90,000 for the first time in seven months
- IBIT down 19 % this quarter
- Total fund assets still above $73 billion, but bleeding fast
The massive exit comes as the entire crypto market hits a wall after months of euphoria and record highs in October.
Gold Wins the “Safe Haven” Crown (Again)
While Bitcoin bleeds, gold keeps climbing. Investors are clearly rotating out of digital assets and into the classic store of value, exposing the weakness in the “Bitcoin = digital gold” story when panic strikes.
Why the Party Ended
- Leveraged bets unwinding after summer mania
- Corporate “Bitcoin treasury” companies now trading at discounts killing hopes of fresh mega-buying
- Long-term holders cashing in profits
Analysts call it the classic post-rally hangover: too much leverage, too much hype, now the painful reset.
Bottom Line
BlackRock’s flagship crypto product just recorded its worst day ever proof that even the biggest Bitcoin ETFs aren’t immune when fear takes over.
