Bitcoin drops after $1.3B IBIT dark-pool sale as US spot ETF outflows persist
A single $1.3B IBIT dark-pool block sale coincided with a sharp reversal in Bitcoin and accelerated US spot Bitcoin ETF outflows. BlackRock’s iShares Bitcoin Trust (IBIT) reportedly saw 29.2 million shares sold around 14:30 UTC, and analysts said the trade was unusually large versus other IBIT prints that day.
Within 10 minutes, Bitcoin fell about 1.5% (from ~$77,875 to ~$76,720). Selling pressure continued, and Bitcoin ended the day down ~2.8% near $75,600.
The episode underscores ongoing ETF-driven pressure. US spot Bitcoin ETFs have recorded net outflows for eight straight trading days; on Tuesday, total outflows were $333.6M, with $192.4M from IBIT. Since May 14, cumulative withdrawals across US Bitcoin ETFs have exceeded $2B.
Institutional positioning also appears to be cooling. Galaxy Digital’s Alex Thorn said he had never seen a dark-pool trade of this size. Reports also suggest Jane Street cut its Bitcoin ETF holdings by ~70% in Q1, while Goldman Sachs trimmed by ~10%. Analysts noted the 29.2M-share IBIT order was ~22x larger than the next biggest sale.
For traders, the key takeaway is that IBIT dark-pool flow can quickly translate into near-term volatility, while broader ETF outflows remain the dominant macro signal.
Bearish
The event links a very large IBIT dark-pool block sale with a fast, measurable drop in BTC, reinforcing the idea that ETF microstructure can quickly drive spot volatility. While the reported price ‘absorption’ in one account suggested limited immediate follow-through, the later, broader tape still showed continued selling and a larger daily decline.
More importantly for market direction, both articles emphasize persistent US spot Bitcoin ETF outflows (eight consecutive sessions and $2B+ cumulative withdrawals since May 14). That sustained flow headwind typically caps upside and keeps traders leaning toward risk reduction on rallies. Additional reports of institutions cutting exposure (Jane Street and Goldman trims, and Galaxy noting the unusually large dark-pool size) further support a cautious stance.
Net effect: short-term volatility is likely to remain high around large IBIT prints, while the dominant ETF outflow trend tilts the near-term bias to downside rather than a durable rebound.