A massive block trade in BlackRock’s spot bitcoin ETF grabbed attention Tuesday, unfolding against a backdrop of sustained outflows from U.S.-listed crypto funds.
As investors continued to pull capital from spot bitcoin ETFs, one transaction stood out: a single market participant offloaded more than $1.28 billion worth of shares in BlackRock’s iShares Bitcoin Trust (IBIT) through a dark pool. Such trades are executed privately, allowing large players to move significant حجم without immediately impacting market prices or signaling intent to the broader market.
The sale came during a session that saw total net outflows across the 11 U.S. spot bitcoin ETFs reach $334 million. That extended the current streak of daily outflows to seven sessions, marking the second-longest run since the products launched in January 2024. Over that period, investors have withdrawn a combined $1.88 billion. The longest streak remains eight consecutive days, recorded twice — once in late August to early September 2024 and again in February 2025.
Alex Thorn, head of research at Galaxy, highlighted the transaction on social media, describing it as the largest of its kind he has observed. According to Thorn, the trade was executed at approximately 10:30 a.m. ET and totaled about $1.289 billion.
Large, one-off sales of this magnitude are often interpreted as a sign of caution, suggesting that a major holder may be reducing exposure in anticipation of potential downside risks. However, such transactions don’t necessarily indicate a full exit from the fund, as counterparties may have absorbed the supply.
Still, broader flow data points to weakening sentiment. IBIT alone recorded net redemptions of $192.44 million on the day, according to SoSoValue, indicating that sellers outweighed buyers overall.
The trend is becoming increasingly difficult for bullish investors to ignore. Over the past two weeks, total outflows from spot bitcoin ETFs have reached $2.26 billion, underscoring persistent selling pressure.
Bitcoin’s price has already reflected some of that weakness, retreating to below $77,000 after trading above $82,000 earlier in May. If the pace of ETF outflows continues, it could weigh further on the market in the near term.
