BlackRock’s bitcoin spot ETF, IBIT, saw record outflows this month amid falling prices and a sharp rise in the cost of bearish options used to protect against further market declines.
Nasdaq-listed BlackRock Bitcoin ETF IBIT has seen a net outflow of $1.26 billion so far this month, marking the largest monthly redemption since its launch in January 2024, according to SoSoValue data. The outflow is part of a broader trend affecting the market, with 11 spot Bitcoin ETFs collectively experiencing withdrawals totaling $2.59 billion.
IBIT price collapsed 16% to $52, the level last seen on April 22, according to TradingView data.
Falling prices have caused traders to aggressively pursue put options as a form of protection against further declines. This is reflected in the 250-day put-call skew tracked by MarketChameleon, which measures the relative cost of puts versus calls.
The 250-day put-call skew hit a seven-month high of 3.1%, indicating that puts, used to hedge downside risks, are currently the most expensive relative to calls since April.
