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Analyst: A $1.3 billion IBIT block sale could trigger a sharp short-term drop in Bitcoin
Odaily Planet Daily News: An unidentified trader sold approximately $1.3 billion worth of BlackRock Bitcoin spot ETF IBIT in the dark pool market on Tuesday, drawing market attention.
Data shows that the trader sold 29.2 million shares of IBIT around 14:30 UTC at a price of $43.16. As a result, Bitcoin's price dropped from $77,875 to $76,720 within 10 minutes, a decline of about 1.5%, and then further declined to around $75,600.
Galaxy Digital research director Alex Thorn stated that this is the largest IBIT dark pool trade he has seen. Bloomberg ETF analyst Eric Balchunas said that this transaction was 22 times larger than the second-largest IBIT sell order of the day.
Additionally, US Bitcoin spot ETFs have experienced net outflows for eight consecutive trading days. On Tuesday alone, there was a net outflow of about $333.6 million, with approximately $192.4 million flowing out of IBIT. Since May 14, the total net outflow from Bitcoin ETFs has exceeded $2 billion. Reports indicate that Jane Street reduced about 70% of its Bitcoin ETF holdings in the first quarter of this year, and Goldman Sachs also cut about 10% of its related positions. (Cointelegraph)