ibit

Arthur Hayes spune că scăderea recentă a Bitcoin nu a fost cauzată de vânzări panică — a fost probabil o acoperire instituțională.
Potrivit lui Hayes, băncile mari precum Morgan Stanley au creat note structurate legate de ETF-ul lui BlackRock #IBIT . Acestea sunt produse create de bănci care depind de prețul Bitcoin.
Când $BTC se mișcă, băncile trebuie să cumpere sau să vândă BTC/futures pentru a-și acoperi riscul. Acest proces se numește acoperire delta.
Problema?
Când prețul scade, băncile sunt forțate să vândă mai mult BTC, ceea ce împinge prețul și mai jos. Acest lucru creează un ciclu de feedback care amplifică volatilitatea.

$BTC IBIT-ul BlackRock a tranzacționat 10 miliarde de dolari ieri — un maxim istoric.
Recordul anterior? 8 miliarde de dolari în luna noiembrie a anului trecut. În mod normal, 3 miliarde de dolari sunt considerați activi.
Analistul ETF de la Bloomberg, Eric Balchunas, a spus: “Brutal.”
Pentru că această sumă de 10 miliarde de dolari nu a fost o achiziție — IBIT a scăzut cu 13% în acea zi, marcând a doua cea mai proastă performanță într-o singură zi de la lansare.
Primele opțiunilor de vânzare au atins maxime istorice, 25 de puncte de volatilitate peste Calls.
Aceasta este acoperirea instituțională, sau mai direct, asumarea unei pierderi.
Date de la Bob Elliott (CIO, Unlimited Funds):

BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), recorded $231.6 million in net inflows on Friday, rebounding after two consecutive sessions of heavy outflows during a highly volatile week for the Bitcoin market.
Earlier in the week, IBIT saw a combined $548.7 million withdrawn on Wednesday and Thursday, as broader crypto market sentiment deteriorated sharply. During that period, Bitcoin briefly dropped toward the $60,000 level, reflecting intensified risk-off behavior across both spot and derivatives markets, according to data from Farside Investors.
Preliminary figures from Farside indicate that nine U.S. spot Bitcoin ETFs collectively recorded $330.7 million in net inflows on Friday, following three prior sessions that saw total net outflows of approximately $1.25 billion.
ETF Flows as a Gauge of Investor Sentiment
Since the start of 2026, IBIT has posted net inflows on only 11 trading days, highlighting the uneven and cautious positioning of institutional investors amid heightened volatility.
Market participants closely monitor spot Bitcoin ETF flows as a proxy for institutional demand and medium-term sentiment. Over the past 30 days, Bitcoin has declined by approximately 24.3%, and at the time of writing, BTC was trading around $69,820, according to CoinMarketCap.
Despite the price weakness, liquidity in IBIT surged. On Thursday, the fund recorded a daily trading volume of $10 billion, marking its highest single-day turnover since launch, according to Bloomberg ETF analyst Eric Balchunas. Elevated volume during down moves is often interpreted as a sign of repositioning rather than simple capitulation.
IBIT Rebounds After Sharp Sell-Off
Balchunas noted that IBIT fell 13% in a single session, marking its second-largest daily decline since inception. The largest one-day drop occurred on May 8, 2024, when the ETF declined by approximately 15%.
However, IBIT staged a notable rebound on Friday, rising 9.92% to close at $39.68, based on Google Finance data. The sharp recovery suggests that dip-buying interest remains present, even as broader market uncertainty persists.
Bloomberg ETF analyst James Seyffart commented that although Bitcoin ETF holders are currently facing their largest unrealized losses since U.S. spot ETFs launched in January 2024—estimated at around 42% when Bitcoin trades below $73,000—the scale of recent outflows remains relatively modest compared to the massive inflows seen during the market’s peak.
Longer-Term Context for Bitcoin ETFs
Before the market downturn that began in October, total cumulative net inflows into U.S. spot Bitcoin ETFs reached approximately $62.11 billion. Following the recent drawdown, that figure has declined to around $55 billion, indicating that a significant portion of institutional capital remains invested despite ongoing volatility.
This suggests that while short-term sentiment has weakened, long-term conviction among ETF investors has not fully broken, even after one of the most challenging periods for Bitcoin since ETF approval.
Conclusion
IBIT’s $231 million inflow following one of its worst daily performances highlights the complex and evolving behavior of institutional investors in the Bitcoin ETF era. Rather than signaling outright abandonment, recent flows point to active rebalancing, selective dip-buying, and cautious risk management amid heightened uncertainty.
As Bitcoin ETFs continue to mature, their flow dynamics are likely to play an increasingly important role in shaping short-term price action and overall market structure.
Disclaimer:
This article is for informational purposes only and reflects a personal blog-style analysis. It does not constitute financial or investment advice. Readers should conduct their own research before making any investment decisions.
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