The 11 U.S.-listed spot bitcoin ETFs shattered trading records last week, with cumulative volumes surpassing $40.32 billion, indicating likely institutional capitulation.

BlackRock’s IBIT led the industry with $27.79 billion in trading volume, accounting for nearly 70% of the total, according to data source SoSoValue.

On Friday alone, these funds recorded over $11.01 billion in trading volume, with BlackRock’s IBIT contributing $8 billion.

The record-setting activity comes hand-in-hand with a plunge in bitcoin’s price and large redemptions, pointing to institutional capitulation – the rush by investors to exit the fading bets.

Bitcoin’s price has dropped 23% this month to $86,700, falling to nearly $80,000 on some exchanges last week. BlackRock’s IBIT has also fallen to its lowest level since April.

BTC’s price slide has pushed most ETF holders underwater, as the weighted-average entry price for holders is above $90K, according to Bianco Research.

It’s no surprise that the 11 ETFs have cumulatively processed record redemptions worth $3.55 billion this month.

The record redemptions challenge the prevailing belief that these entities take long-term positions, suggesting a possibility that fears of an impending macroeconomic blowup are driving this capitulation.