BlackRock Bitcoin ETF trading volume exceeds $10 billion. Is the selling wave nearing its end or a sign of an even bigger storm ahead?

February 6 News, despite the continued weakness in Bitcoin prices, Belgrade’s Bitcoin spot ETF has experienced a rare surge in trading volume. Nasdaq data shows that its IBIT single-day trading volume exceeded 284 million shares, with a nominal trading value surpassing $10 billion, setting a new record and becoming one of the most closely watched market signals during this round of decline.

This trading volume more than doubled the previous high on November 21, 2025. On that day, IBIT’s stock price fell 13%, breaking below $35 for the first time since October 2024, with a total decline of 27% this year. Bloomberg analyst Eric Balchunas stated on X platform that this is the second-largest single-day decline since the ETF’s listing. The simultaneous increase in trading volume and price decline indicates that the market is experiencing a dramatic shift in sentiment.

High trading volume coupled with deep retracement is often seen as a sign of “capitulation selling,” and some institutions believe this phenomenon may indicate the formation of a bottom. However, capital flows remain cautious. Data shows that Belgrade has recently been transferring some tokens to adjust positions during the downturn, which has resulted in net outflows from its ETF over the past week.

Selling pressure is not limited to the ETF sector. Mining company MARA Holdings was also reported to have transferred approximately 1,317 Bitcoins, worth about $87.4 million, with one transfer exceeding $43 million flowing to a Two Prime-related address. The company’s stock price dropped 18% in a single day, pressured in tandem with Bitcoin. Meanwhile, companies like Metaplanet have publicly stated they will continue to increase holdings, forming a stark contrast.

During this round of correction, Bitcoin briefly dipped into the $60,000 range. The differing choices of institutions and enterprises reflect that the market is in a phase of confidence rebuilding. Whether the high trading volume indicates panic selling remains to be seen, but it is clear that ETF capital flows have become an important indicator for judging the next phase of market trends.