ME News reports that on May 27 (UTC+8), analysts suggested that a $1.3 billion dark pool trade involving BlackRock’s Bitcoin ETF (IBIT) may be linked to Bitcoin’s recent sharp decline. Data shows that on Tuesday at 14:30 UTC, a trader sold 29.2 million shares of IBIT in a single dark pool transaction, totaling approximately $1.3 billion. Immediately after the trade, Bitcoin’s price dropped rapidly from $77,875 to $76,720 within 10 minutes, then further declined to around $75,600. Alex Thorn, Research Director at Galaxy Digital, stated this was the largest IBIT dark pool trade he had ever seen. Bloomberg ETF analyst Eric Balchunas also noted that the sell order was 22 times larger than the second-largest IBIT sell order of the day. Meanwhile, U.S. spot Bitcoin ETFs have experienced net outflows for eight consecutive trading days, with cumulative outflows exceeding $2 billion since May 14. On Tuesday alone, IBIT recorded a net outflow of approximately $192 million. Additionally, Jane Street reduced its Bitcoin ETF holdings by about 70% in the first quarter, while Goldman Sachs also cut its position by around 10%, indicating that some institutions are reducing their exposure to Bitcoin ETFs. (Source: BlockBeats)
130M IBIT dark pool sell order linked to BTC price drop
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Summary
On May 27, the BTC price sharply declined following a $130 million dark pool sell order of BlackRock’s IBIT Bitcoin ETF. The trade, involving 29.2 million shares, triggered a 10-minute drop from $77,875 to $76,720. Galaxy’s Alex Thorn described it as the largest IBIT dark pool trade ever recorded, and Bloomberg’s Eric Balchunas noted it was 22 times larger than the next-largest order. Since May 14, U.S. spot BTC ETFs have seen $2 billion in outflows, with IBIT alone losing $192 million on Tuesday. Jane Street reduced its ETF holdings by 70% in Q1, and Goldman Sachs trimmed its position by 10%. Altcoins may react to ongoing outflows and Bitcoin weakness.
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