Last week, the prices of Blackrock’s Spot Bitcoin (BTC) Exchange-Traded Fund (ETF) dropped over 11%, with the tie the highest since mid-November, according to Data Source TradingView.
Over 331 million shares of ETF trading under the Ibit ticker on Nasdaq changed hands as the fund’s price dipped under the January support of $ 50.69, and eventually slipped to $ 46.07, the lowest since the beginning of November.
It can be a disappointment development for bulls. For decades, one of the cardinal rules on the market has been that price movements should be validated at the trading volume. This means that a bearish price is considered to have legs when accompanied by a remarkable increase in the number of shares or contracts traded on the stock exchange.
In addition, data from the Farside -Investors show that investors drew more than $ 1 billion from ETF, as the price glass and the dwindling CME futures base, representing the return on carry trader, led to panic sales. Other ten US -noted ETFs also bleeding money.
Still, Ibit is the largest ETF in the world with $ 39.6 billion in assets under management.
Trade volume was picked up last Tuesday when Ibit broke under the horizontal support of $ 50.69 to signal more losses ahead.
The technical prospects remain bearish while prices are under the previously support-facing resistance.
