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$8 Billion Massive Transaction! BlackRock Bitcoin ETF Liquidated Overnight, the Hidden Bottom-Fishing Signal Leaves Wall Street Silent...

iShares Bitcoin Trust (IBIT) under BlackRock set a staggering single-day trading volume record of $8 billion on November 21, 2025, pushing the total trading volume of all US spot Bitcoin ETFs to a historic high of $11.5 billion.

📊 In-depth Market Analysis

Despite the massive trading volume, IBIT recorded a net outflow of approximately $122 million on that day. This phenomenon of “high trading, low outflow” has been interpreted by analysts as a sign of “large-scale liquidity rotation” within the market. This suggests that rather than a significant influx or exit of new capital, institutional investors are using market volatility to adjust their positions—for example, switching between different ETF products, or hedging by buying put options while holding spot assets.

The main driver behind such a large trading volume was significant price volatility. Bitcoin dropped about 24% in November, retracing over 30% from its all-time high of around $126,000, and then stabilized near $84,000. Such fluctuations attracted institutional investors to actively rebalance their portfolios.

The table below summarizes the key data from this trading day:

Indicator IBIT (BlackRock) Entire Bitcoin ETF Market
Single-Day Volume $8 billion (record-breaking) $11.5 billion (all-time high)
Fund Flows Net outflow of about $122 million Overall net inflow of $238 million (first time in weeks)
Market Context Bitcoin retraced about 30% from YTD high, stabilized near $84,000

📈 Market Impact and Outlook

This event has reinforced IBIT’s status as the core vehicle for institutional exposure to Bitcoin, accounting for over 69% of the total market trading volume. Amid major price swings, the market is closely watching $80,000 as a key support level. If this range breaks, it could trigger a further pullback to around $75,000.

Although IBIT saw a net outflow, the overall Bitcoin ETF market achieved a net inflow of $238 million on November 21, with products like Fidelity’s FBTC and Grayscale’s Mini Trust also recording fund inflows.

The record-setting trading volume shows that after the price correction, institutional investors are actively adjusting positions and managing risk, rather than collectively exiting the market. The exploration of Bitcoin’s long-term value storage function, as well as its evolving role within the traditional financial ecosystem, will continue to be focal points for the market.

I hope this information helps you better understand market dynamics. If you’re interested in other specific aspects of the cryptocurrency field, I’d be happy to provide more information.

BTC1.8%
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