Summary
- A significant $1.3 billion block of BlackRock’s IBIT was traded in a dark pool sale on Tuesday, marking one of the largest transactions since the introduction of U.S. spot Bitcoin ETFs.
- While Bitcoin remained stable over a longer period, it did experience a drop of nearly 1.4% around the time of the transaction.
- Market participants reduced their bullish outlook, with the probability of Bitcoin reaching $84,000 now at 69%, down from 79% last Monday.
In a notable dark pool sale on Tuesday morning, a $1.3 billion block of BlackRock’s iShares Bitcoin Trust (IBIT) shares was traded, representing one of the most substantial off-market Bitcoin ETF deals since these products launched 15 months ago.
This transaction involved nearly 29 million shares and was executed at 10:30 a.m. ET, overshadowing all other trades during the session. The sale coincided with ongoing outflows from U.S. spot Bitcoin ETFs, with IBIT facing net redemptions of $192.4 million on the same day, according to data from SoSoValue.
Confirmed.. 29 million share trade ($1.3b) of $IBIT executed at 1030am this morning. This screen shows all the IBIT trades today by size and you can see one of these is not like the others. Price unchanged today so mkt absorbed it well. https://t.co/Otew0DWa3F pic.twitter.com/jZcoKez74K
— Eric Balchunas (@EricBalchunas) May 26, 2026
For the week, total net outflows across all spot Bitcoin ETFs reached $334 million as of Tuesday, following two weeks of substantial redemptions totaling $1 billion and $1.26 billion.
This transaction underscores a significant tension in the market: large institutional sales are occurring off-exchange to minimize disruption to the order book. Although Bitcoin's price did react, experts noted that the impact was managed.
A dark pool allows for trades to be settled privately with brokers, keeping the full impact of the transaction hidden from public view.
Implications for Bitcoin
Post-transaction, Bitcoin's price stabilized around $76,000, as per CoinGecko data. However, a closer analysis reveals a decline of nearly 1.4% during the sell-off, dropping from $78,000 to $77,000, according to Georgii Verbitskii, a derivatives trader and founder of TYMIO.
Verbitskii explained, “The reason the decline was not even deeper is that the market was still able to absorb a substantial amount of supply without a full liquidity breakdown.”
Shawn Young, chief analyst at MEXC Research, supported this view, stating, “The price did react in the minutes after the print, but the move was contained because this looked more like a large portfolio adjustment than a disorderly liquidation.”
Investor sentiment has also declined in tandem with the outflows, dropping further into the fear zone from 34 to 25, as indicated by the Fear and Greed Index data.
On the prediction market Myriad, which is operated by Decrypt’s parent company Dastan, users have assigned a 69% chance for Bitcoin to rise to $84,000 rather than fall to $55,000. This figure has decreased from 79% last week, indicating a drop in investor confidence. Currently, Bitcoin is trading at approximately $75,825, reflecting a 1.9% decline for the day per CoinGecko data.
Future Outlook
Even though the dark pool transaction helped mitigate severe selling pressure on public markets, experts agree that it has a net negative impact on the ecosystem.
Verbitskii stated, “It reflects a large source of demand leaving the market,” and noted that Bitcoin is exhibiting both structural and technical weaknesses. “We are not yet seeing strong standalone demand capable of fully offsetting large institutional selling flows.”
Since failing to retest the $82,000 mark in early May, Bitcoin has faced challenges. Macro factors, including a high CPI reading in April, have intensified the situation, with markets currently estimating a 99% likelihood that the Federal Reserve will maintain interest rates at its June 17 meeting, according to the FedWatch tool.
While the broader ETF market continues to function smoothly, Young noted that institutions are “reducing or rebalancing risk after a strong run.”