## Bitcoin ETFs Shatter Records Amid Market Turmoil

The 11 U.S.-listed spot bitcoin ETFs shattered trading records last week, with cumulative volumes surpassing **$40.32 billion**, indicating likely **institutional capitulation**.

### BlackRock's IBIT Dominates Trading Activity

**BlackRock's IBIT** led the industry with **$27.79 billion** in trading volume, accounting for nearly **70%** of the total, according to data source SoSoValue.

On Friday alone, these funds recorded over **$11.01 billion** in trading volume, with BlackRock's IBIT contributing **$8 billion**.

### Bitcoin Price Plunge and Institutional Exodus

The record-setting activity comes hand-in-hand with a **plunge in bitcoin's price** and large redemptions, pointing to institutional capitulation – the rush by investors to exit fading bets.

**Bitcoin's price has dropped 23% this month** to $86,700, according to CoinDesk data, falling to nearly **$80,000** on some exchanges last week. BlackRock's IBIT has also fallen to its **lowest level since April**.

### ETF Holders Underwater as Redemptions Soar

BTC's price slide has pushed **most ETF holders underwater**, as the weighted-average entry price for holders is **above $90K**, according to Bianco Research.

It's no surprise that the 11 ETFs have cumulatively processed **record redemptions worth $3.55 billion** this month.

The record redemptions challenge the prevailing belief that these entities take long-term positions, suggesting a possibility that **fears of an impending macroeconomic blowup** are driving this capitulation.

The U.S.-listed spot bitcoin ETFs saw a record $40 billion in trading volume last week, with IBIT leading the way. 

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