IBIT, BlackRock’s spot Bitcoin ETF, has seen record outflows this month amid falling prices and a sharp rise in the cost of bearish options used to hedge against further market declines.
IBIT, the Nasdaq-listed BlackRock Bitcoin ETF, has recorded net outflows of $1.26 billion so far this month, marking its largest monthly redemption since its inception in January 2024, according to data from SoSoValue. The outflow is part of a broader trend impacting the market, with withdrawals totaling $2.59 billion from 11 spot Bitcoin ETFs.
IBIT’s price fell 16% to $52, where it was last seen on April 22, according to TradingView data.
The collapse in prices has led traders to aggressively pursue put options as protection against further declines. This is reflected in the 250-day put-call skew tracked by MarketChameleon, which measures the relative cost of puts compared to calls.
The 250-day put-call skew rose to 3.1%, a seven-month high, indicating that put options, used to hedge downside risk, are now the most expensive compared to calls since April.
