Odaily Planet Daily reports that an unknown trader sold approximately $1.3 billion worth of BlackRock’s spot Bitcoin ETF, IBIT, in a dark pool on Tuesday, drawing market attention.
Data shows that the trader sold approximately 29.2 million shares of IBIT at around 14:30 UTC at a price of $43.16. As a result, the price of Bitcoin dropped from $77,875 to $76,720 within 10 minutes, a decline of about 1.5%, before further falling to around $75,600.
Galaxy Digital's research head, Alex Thorn, said this was the largest IBIT dark pool trade he had ever seen. Bloomberg ETF analyst Eric Balchunas noted that the trade size exceeded 22 times the size of the second-largest IBIT sell order of the day.
Additionally, U.S. spot Bitcoin ETFs have experienced net outflows for eight consecutive trading days. On Tuesday, net outflows amounted to approximately $333.6 million, with IBIT alone seeing outflows of about $192.4 million. Since May 14, cumulative net outflows from Bitcoin ETFs have exceeded $2 billion. The report states that Jane Street reduced its Bitcoin ETF holdings by approximately 70% in the first quarter of this year, while Goldman Sachs also decreased its related position by about 10%. (Cointelegraph)