The SPDR S&P Biotech ETF ($XBI) has experienced notable volatility in recent trading sessions. The ETF was reported to be down over 8% over the past week, with indications of further redemptions occurring. Analysts noted that there could be some relief for $XBI, with expectations that it would end the trading day down only a couple of percentage points. Market sentiment around biotech remains mixed, as rate-sensitive sectors like real estate have shown upward movement while biotech stocks continue to struggle. Observers are also speculating on potential selling by funds taking advantage of today's market strength, possibly to finalize redemption tranches.