The iShares MSCI Brazil ETF ($EWZ) recorded explosive trading volume, breaking records at approximately $10 billion — surpassing Microsoft's daily trading volume. The ETF plunged 20% in a single session, reflecting severe selling pressure on Brazilian equities amid broader market turmoil. The sharp decline underscores heightened volatility in emerging markets and raises concerns about continued downside risk for Brazil-focused investment vehicles as macroeconomic pressures mount.