A billion-dollar block trade in BlackRock’s spot bitcoin ETF stole the spotlight Tuesday, as U.S.-listed crypto funds continued to bleed capital.
Amid ongoing outflows from spot bitcoin ETFs, one transaction stood out: a single investor offloaded roughly $1.29 billion worth of shares in BlackRock’s iShares Bitcoin Trust (IBIT) via a dark pool. These private transactions allow large players to execute sizable trades without immediately impacting market prices or revealing intent to the broader market.
The move came on a day when the 11 U.S. spot bitcoin ETFs collectively recorded $334 million in net outflows, extending their losing streak to seven consecutive sessions. Since launch in January 2024, this marks the second-longest run of outflows, totaling $1.88 billion. The longest streak—eight straight days—occurred twice previously, in late 2024 and again in early 2025.
Alex Thorn, head of research at Galaxy, flagged the trade on X, calling it the largest he has seen. According to Thorn, the transaction was executed around 10:30 a.m. ET and amounted to approximately $1.289 billion.
Such large, single trades are often viewed as a cautious signal, suggesting that a major holder may be reducing exposure amid uncertain market conditions. However, a block sale does not necessarily imply a full exit, as buyers may have absorbed the shares behind the scenes.
Still, broader fund flow data indicates persistent selling pressure. IBIT alone posted $192.44 million in net redemptions on the day, according to SoSoValue, highlighting continued investor exits.
The trend is becoming increasingly difficult for bulls to ignore. Over the past two weeks, investors have withdrawn a total of $2.26 billion from spot bitcoin ETFs, underscoring weakening sentiment.
Bitcoin has already shown signs of strain, slipping below $77,000 after trading above $82,000 earlier in May. If ETF outflows persist, they could continue to weigh on prices in the near term.
