The iShares Bitcoin Trust (IBIT) by BlackRock, which stands as the most significant spot Bitcoin ETF in the United States, witnessed two consecutive days of withdrawals this week. This occurred as Bitcoin’s value dropped below $105,000.
Data from ETF flow trackers provided by Thomas Fahrer, co-founder of HeyApollo, indicated that IBIT offloaded 272 BTC on October 15 and another 272 BTC on October 16. This resulted in a total outflow of 544 BTC over two days, valued at approximately $57 million based on current market rates.
The financial turbulence was compounded by geopolitical issues when President Trump announced potential tariffs of up to 100% on Chinese goods. This announcement triggered a global shift towards risk aversion. As a result, gold prices surged past $4,330 per ounce as investors sought safer assets while Bitcoin fell through critical technical thresholds.
Bitcoin’s decline was further exacerbated by its failure to maintain above its 200-day simple moving average set at $107,400 and breaking below the expanding channel support near $99,500. These factors contributed significantly to the prevailing bearish trend.