BlackRock’s iShares Bitcoin Trust (IBIT), the largest U.S. spot Bitcoin ETF, recorded two consecutive days of redemptions this week as Bitcoin tumbled below $105,000.
According to ETF flow tracker data shared by HeyApollo co-founder Thomas Fahrer, IBIT sold 272 BTC on October 15 and another 272 BTC on October 16, bringing its two-day outflow to 544 BTC, worth around $57 million at current prices.
Despite the redemptions, IBIT’s holdings remain enormous. The fund still controls approximately 804,800 BTC, cementing its dominance among U.S. spot ETFs and making it the single largest institutional vehicle for Bitcoin exposure.
Bitcoin price crash
The mild outflows came as Bitcoin itself endured one of its sharpest drawdowns in months. The cryptocurrency’s market capitalization fell from $2.216 trillion on October 16 to $2.07 trillion the following day, erasing nearly $150 billion in value in under 24 hours. U.S.-listed spot Bitcoin ETFs collectively saw more than 4,800 BTC ($531 million) in single-day outflows, their steepest drawdown since August, highlighting investor caution as macro headwinds intensified.
The market stress coincided with geopolitical tensions after President Trump threatened 100% tariffs on Chinese imports, sparking a global risk-off move. Gold climbed above $4,330 per ounce as investors fled to safety, while Bitcoin slipped through key technical levels.
The breach of its 200-day simple moving average at $107,400 and the expanding channel floor near $99,500 further reinforced the bearish momentum.
