BlackRock’s iShares Bitcoin Trust ETF has hit a new all-time high in daily trading volume as the bellwether cryptocurrency posted one of its largest intraday drops on Thursday.

As noted by Bloomberg ETF analyst Eric Balchunas, IBIT reportedly “crushed its daily volume record” on Feb. 5 as nearly $10 billion worth of shares were traded.

Last time the fund posted a volume record was on Nov. 21, when it saw $8 billion in volume, and over the past several trading sessions, it has recorded daily volumes above $5 billion.

Thursday also marked the ETF’s “second-worst daily price drop since it launched,” as it fell 13% on the day.

As of Feb 4, IBIT recorded outflows totaling $373.4 million following two subsequent days of inflows where over $200 million had flowed in. Likewise, it has struggled to maintain a steady inflow pattern, primarily due to Bitcoin’s persistent downtrend since its October all-time high of $126,080.

According to Unlimited Funds chief asset manager Bob Elliot, by last week’s close, IBIT was already underwater on average investment cost, with many holders sitting on losses.

Bitcoin price at risk

Bitcoin (BTC) has dropped over 49% since hitting its all-time high, and has posted one of its largest single-day drops on Thursday as it fell by 15% from $73,100 at open to a low near $62,400.

Risk sentiment seems to have faded from the market as investors reacted to weak jobs data and tightening macroeconomic and geopolitical factors, alongside concerns over artificial intelligence sector-related spending.

The situation could worsen from here on, as Bitcoin has slashed through multiple key support areas and was trading just above $64,800 at press time.

According to Bloomberg analysts, the recent global market stress could push Bitcoin as low as $10,000 as the current situation bears similarities to the 2008 financial crisis and the 2000–2001 dot-com downturn.