Analysts say that the $1.3 billion in shares sold by an unknown trader in BlackRock’s Bitcoin ETF on Tuesday coincided with the steep drop in Bitcoin’s price immediately following the sale.
The trader who sold 29,2 million BlackRock’s iShares Bitcoin Trust ETF (IBIT) shares at 2:30pm UTC today “dark pool,” A private trading platform is often used by institutions to make discreet large trades away from public markets.
TradingView was able to immediately feel the effect of the trade, which totaled $1.3 Billion. data Bitcoin (BTC), a cryptocurrency, fell from $77.875 to $75.720 within a 10 minute window following 2:30 pm.
Bitcoin then fell to $75,600, the lowest price for a 24 hour period, about 12 hours after that, which represents a 2.8% drop on the day.
Bitcoin is a cryptocurrency that has been traditionally seen as an asset traded outside of traditional markets. But products such as US Bitcoin ETFs are removing barriers to institutional trading, and Bitcoin’s recent performance has shown a strong correlation with US market prices.
Alex Thorn is the head of research for crypto-investment firm Galaxy Digital. said In a message to X, X said that this was the largest trade he had ever seen through a Dark Pool.
Source: Alex Thorn
Bloomberg ETF analyst Eric Balchunas shared The 29.2 millions IBIT shares It was 22 times more than the next largest IBIT order sold on Tuesday.
Related: Goldman Sachs exits XRP, Solana ETF exposure in Q1 2026
Bitcoin ETF outflow continues
US Bitcoin ETFs are now available recorded Eight consecutive trading days net outflows, On Tuesday, the IBIT accounted for a total outflow of $333.6 millions.
Investors are now reducing Bitcoin exposure faster than ever before, and more than $2,000 billion from all ETFs has been flown out since May 14. This shows that the sentiment of institutional investors toward Bitcoin is weakening. fresh capital The market is flooded with products.
Jane Street, a market maker of institutional Bitcoin ETFs, reduced its holdings in this ETF by 70% or more during the first quarter. Investment bank Goldman Sachs Bitcoin ETF reduced by 10% its position.
Magazine: Bitcoin ETFs bleed $1B, Aave’s $71M ETH unfreeze bid delayed
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
