Block Trade: Single Seller Unloads $1.29B of BlackRock's Bitcoin ETF Shares in Dark Pool
U.S.-listed spot crypto ETFs saw fresh withdrawals on Tuesday, but one transaction dominated the tape: a single participant sold more than $1 billion worth of shares in BlackRock's iShares Bitcoin Trust (ticker: IBIT) through one dark-pool block.
Dark pools facilitate privately negotiated trades, letting large institutions move size without immediately telegraphing intent to the broader market or forcing a sharp spot-price reaction.
The IBIT block was part of a broader risk-off session for spot bitcoin ETFs. Net outflows across the 11 U.S. spot bitcoin ETFs totaled $334 million on the day, extending the group's losing streak to seven consecutive sessions. Since launching in January 2024, the products have now posted their second-longest run of daily net outflows, shedding $1.88 billion over that stretch.
The longest streak remains eight straight trading days, which has occurred twice: late August to early September 2024, when outflows totaled $1.2 billion, and again in February 2025, when withdrawals reached $3.3 billion.
Galaxy research head Alex Thorn highlighted the IBIT transaction on X, describing it as the largest dark-pool ETF trade of its kind he has seen. He said the $1.289 billion block printed at 10:30 a.m. ET.
A one-shot sale of more than $1 billion is often read as a caution flag, signaling a major holder is reducing exposure ahead of perceived risk. Even so, the block itself does not automatically mean money left the fund; sizable buyers can step in to absorb supply. Net outflows reflect the day's final balance after all creations and redemptions across the market.
IBIT recorded net redemptions of $192.44 million, according to SoSoValue, pointing to broader selling pressure from investors pulling back.
Over the past two weeks, investors have withdrawn $2.26 billion from the spot bitcoin ETF complex. If the exit wave persists, bitcoin could face continued downside pressure. CoinDesk data show bitcoin has slipped below $77,000 after topping $82,000 on May 6.
