Crypto Majors Fall 2% as Dark Pool Trader Dumps $1.3B in IBIT
Crypto markets saw another 2% decline on Tuesday, with Bitcoin dropping to $75,900, as a dark pool trader sold $1.3 billion in IBIT shares in a single transaction—one of the largest single sales ever. This sell pressure was not absorbed by MicroStrategy (now Strategy), which instead used $1.38 billion to repurchase its convertible notes, reducing its cash reserves to $871 million. The company now faces a $1.2 billion annual debt and dividend obligation, raising concerns about its liquidity. Meanwhile, Hyperliquid expanded its prediction market system to compete with Polymarket, offering on-chain resolution via its own validators. Ondo Finance founder Nathan Allman passed away unexpectedly, with president Ian De Bode stepping in as CEO. AI tokens like NEAR and GRASS surged significantly, outperforming Bitcoin. The Bitcoin ETFs saw $333M in net outflows, while HYPE ETFs crossed $100M in total inflows. The UK sanctioned HTX, and Indonesia blocked Polymarket over gambling regulations. Meme coins were mostly red. OpenZeppelin's co-founder declared all DeFi unsafe, urging withdrawals.
Key facts
- Dark pool trader sells $1.3B in IBIT in single transaction, one of the largest ever.
- Strategy repurchases $1.5B in debt, reducing cash reserves to $871 million.
- Hyperliquid launches prediction markets competing with Polymarket, using own validators.
- Ondo Finance founder Nathan Allman dies unexpectedly; president Ian De Bode becomes CEO.
- AI tokens NEAR and GRASS surge 54% and 67% weekly, outperforming Bitcoin.