Single $1.3B IBIT dark-pool sell seen behind Bitcoin's sudden slide

Analysts cited by ME News say a large dark-pool transaction in BlackRock's spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), may have coincided with Bitcoin's sharp pullback on May 27 (UTC+8). Trading data shows that at 14:30 UTC on Tuesday, one trader sold 29.2 million IBIT shares in a single dark-pool print, valued at about $1.3 billion. Bitcoin fell quickly after the transaction, sliding from $77,875 to $76,720 in roughly 10 minutes, then extending losses to around $75,600. Galaxy Digital Research Director Alex Thorn said it was the largest IBIT dark-pool trade he has seen. Bloomberg ETF analyst Eric Balchunas added that the order was 22 times larger than the day's second-biggest IBIT sell. The move comes as U.S. spot Bitcoin ETFs have logged net outflows for eight straight sessions, with cumulative withdrawals topping $2 billion since May 14. IBIT alone posted about $192 million of net outflows on Tuesday. Institutional positioning also appears to be shifting. Jane Street cut its Bitcoin ETF holdings by roughly 70% in the first quarter, while Goldman Sachs trimmed its stake by around 10%, suggesting some firms are dialing back exposure to Bitcoin ETFs. (Source: BlockBeats)