Analyst: $1.3 billion IBIT block sell-off may have caused short-term Bitcoin price drop

According to Odaily, an anonymous trader sold approximately $1.3 billion worth of BlackRock's spot Bitcoin ETF (IBIT) on a dark pool market on Tuesday, sparking market attention.

Data shows that the trader sold 29.2 million shares of IBIT at around 14:30 UTC, with a transaction price of $43.16. As a result, Bitcoin's price dropped from $77,875 to $76,720 within 10 minutes, a decline of about 1.5%, before further falling to around $75,600.

Alex Thorn, Head of Research at Galaxy Digital, stated that this is the largest IBIT dark pool trade he has ever seen. Bloomberg ETF analyst Eric Balchunas noted that the size of this trade was more than 22 times larger than the second-largest IBIT sell order of the day.

Additionally, U.S. spot Bitcoin ETFs have recorded net outflows for 8 consecutive trading days. On Tuesday alone, net outflows reached approximately $333.6 million, with IBIT contributing about $192.4 million. Since May 14, cumulative net outflows from Bitcoin ETFs have exceeded $2 billion. Reports indicate that Jane Street reduced its Bitcoin ETF holdings by about 70% in the first quarter of this year, while Goldman Sachs also cut related positions by roughly 10%. (Cointelegraph)