Bitcoin Slips Below $84K, Traders Are Watching BITO And IBIT

Bitcoin-linked ETFs were among the most actively traded funds Wednesday as a sharp pullback in Bitcoin (CRYPTO: BTC) sent both the ProShares Bitcoin Strategy ETF (NYSE:BITO) and iShares Bitcoin Trust ETF (NASDAQ:IBIT) lower.

Both BITO and IBIT were down more than 3%, seeing substantial trading activity, underscoring how quickly investors have been repositioning as Bitcoin retreats from the $87,000 area.

IBIT trading volume reached 35.6 million shares on Wednesday, indicating robust activity and investor interest.

Bitcoin’s $87,000 Rejection Is Becoming Important

Bitcoin fell to roughly $83,300-$83,600 Wednesday, down about 3% to 3.5%, after repeatedly failing to break through the $87,000 area. The latest decline has been driven by a worsening macro backdrop.

The 10-year Treasury yield climbed to 2002 highs. The U.S. dollar strengthened toward its highest level since April 2025 and Brent crude approached $102 a barrel as Middle East tensions pushed oil prices higher. Rising real yields and a stronger dollar can make speculative assets such as Bitcoin less attractive.

ETF Flows Add Another Layer

Recent spot Bitcoin ETF flows have been mixed.

U.S. spot Bitcoin ETFs recorded a $118.9 million net inflow on Tuesday, with IBIT accounting for about $122 million of inflows, according to TFTC ETF-flow tracker. That followed a $89.9 million outflow on Monday, showing that institutional demand has not been moving in a straight line.