$1.3B Worth of BlackRock's IBIT Changes Hands in Dark Pool Sale
A $1.3 billion block of BlackRock’s iShares Bitcoin Trust (IBIT) shares—nearly 29 million shares—was traded in a dark pool on Tuesday morning, marking one of the largest off-exchange Bitcoin ETF transactions since their introduction 15 months ago. The trade occurred at 10:30 a.m. ET, far exceeding the session’s other trades. This sale took place as U.S. spot Bitcoin ETFs reported continued outflows; IBIT alone saw $192.4 million in net redemptions that day, while total weekly net outflows across all spot Bitcoin ETFs reached $334 million. The dark pool structure allowed the sale to avoid disrupting public order books, but Bitcoin’s price slid nearly 1.4% in the trade’s immediate aftermath before stabilizing around $75,825, down 1.9% on the day. Analyst commentary suggests the trade reflected large-scale portfolio adjustment rather than distress, but it nonetheless points toward weakening structural demand. Investor sentiment has soured, with the Fear and Greed Index dropping further into fear territory. Macroeconomic pressure, including inflation data, compounds headwinds, and institutions appear to be reducing risk after sustained price gains.
