The off-exchange sale of 29 million IBIT shares highlights institutional selling pressure amid broader Bitcoin ETF outflows.
A $1.3 billion block of BlackRock’s iShares Bitcoin Trust (IBIT) shares traded in a dark pool Tuesday, one of the largest off-exchange Bitcoin ETF transactions since launch. The 29 million shares executed at 10:30 a.m. ET, overshadowing other trades in the session.
The sale occurred as U.S. spot Bitcoin ETFs recorded $334 million in net outflows for the week, following two weeks of $1 billion and $1.26 billion redemptions. IBIT alone saw $192.4 million in net outflows Tuesday, per data.
Bitcoin’s price dipped 1.4% to around $77,000 during the trade but stabilized near $76,000, reflecting contained market impact despite the large off-exchange sale.