BlackRock’s iShares Bitcoin Trust (ticker IBIT) fell 4.2% on 14 August, marking its steepest single-day drop since the fund’s year-to-date trough on 7 April. The decline tracked a broader pullback in the underlying Bitcoin price and erased part of the ETF’s summer gains. Derivatives activity picked up as the price slid. Traders who bought Aug. 29 $69 put options ahead of the drop saw premiums rise roughly 40% overnight, according to options-flow data. Separately, a block sale of 10,000 Aug. 29 $67 puts at $1.65–$1.68 suggested some investors view the mid-$60 range as near-term support for the ETF.