BlackRock Bitcoin ETF $1.3B Dark Pool Trade Dampens Sentiment
A $1.3 billion block of BlackRock’s iShares Bitcoin Trust (IBIT) shares was traded in a dark pool on Tuesday morning, marking one of the largest off-exchange Bitcoin ETF transactions since the products launched 15 months ago. The nearly 29 million shares were executed at 10:30 a.m. ET, dwarfing all other trades of the session. The sale occurred as U.S. spot Bitcoin ETFs extended their outflow streak, with IBIT facing $192.4 million in net redemptions on Tuesday, per SoSoValue data. Across all spot Bitcoin ETFs, the week’s total net outflows stood at $334 million as of Tuesday, following two consecutive weeks of over $1 billion in redemptions. Although Bitcoin held relatively steady around $76,000 after the trade, a closer look shows it shed nearly 1.4% during the sell flow. Investor sentiment deteriorated, with the Fear and Greed Index dropping from 34 to 25. Prediction market Myriad put a 69% chance on Bitcoin reaching $84,000 next, down from 79% last Monday. Experts noted that while the dark pool transaction kept the worst selling pressure off public books, it reflects large demand leaving the market and structural weakness in Bitcoin. Bitcoin currently trades at around $75,825, down 1.9% on the day.
Key facts
- BlackRock IBIT 29 million shares ($1.3B) traded in dark pool Tuesday.
- U.S. spot Bitcoin ETFs saw $334M net outflows in the week.
- Bitcoin dropped ~1.4% during the sell flow but held steady overall.
- Fear and Greed Index fell from 34 to 25; Myriad bullish odds dropped to 69%.
- Analysts say dark pool trade reflects institutional demand leaving market.