Analyst: $1.3 Billion IBIT Block Sale May Trigger Short-Term Bitcoin Plunge

Odaily Planet Daily News An unknown trader sold approximately $1.3 billion worth of BlackRock's spot Bitcoin ETF, IBIT, in a dark pool on Tuesday, attracting market attention.

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

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

Additionally, US spot Bitcoin ETFs have seen net outflows for 8 consecutive trading days. The single-day net outflow on Tuesday was approximately $333.6 million, with IBIT accounting for about $192.4 million of that. 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 its related positions by roughly 10%. (Cointelegraph)