BlackRock’s IBIT tied to Bitcoin’s 35% slide; 05 February saw $10.7B turnover

On 05 February, heavily leveraged positions linked to BlackRock’s IBIT ETF were forced to unwind, sending turnover to $10.7 billion and options premiums to $900 million as Bitcoin’s drawdown reached about 35%. Arthur Hayes said banks hedging IBIT-linked notes exacerbated selling, while IBIT’s first $200+ million inflow in nearly a month and a 65% jump in Coinbase Premium Index signaled possible stabilization.