$1.3 billion dark pool large sell order drives Bitcoin back!
ETF sees 8 consecutive days of net outflows,
an institutional trim wave is coming.

A Bitcoin ETF was sold aggressively in the dark pool, totaling 29.2 million shares, with a total value of $1.3 billion. Within 10 minutes, the price of Bitcoin plunged 1.5%.
(Background: The valuation gap between Bitcoin and U.S. tech stocks hits an all-time high! Bitwise: BTC could be in for a catch-up rally in the second half of the year.)
(Additional context: U.S. stocks set new record highs as “extreme crypto fear” persists—Bitcoin around $76.0k trades sideways, longs get swept, and 87,000 accounts are liquidated, totaling $300 million.)

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• $1.3 billion dark pool sell order: breaks below $77,000 in 10 minutes
• Net outflows for 8 consecutive days, institutional de-risking wave shows no signs of slowing
• “Stock-market-ization” of Bitcoin seen through dark pool trading

On Tuesday afternoon, an anonymous trader dumped 29.2 million shares of BlackRock’s iShares Bitcoin Trust (IBIT) in the dark pool. The total value was about $1.3 billion, after which the price of Bitcoin fell rapidly. Alex Thorn, Research Director at Galaxy Digital, said this is the largest Bitcoin ETF trade he has ever seen in the dark pool.

$1.3 billion dark pool sell order: breaks below $77,000 in 10 minutes

According to TradingView data, the trade took place at 2:30 p.m. UTC. Bitcoin’s price dropped from $77,875 to $76,720 within 10 minutes, a decline of 1.5%. After that, Bitcoin continued to face selling pressure. About 12 hours later, it hit the day’s low of $75,600, with a total drop of 2.8% for the day.

Bloomberg ETF analyst Eric Balchunas noted that these 29.2 million IBIT shares were executed at a price of $43.16 per share, more than 22 times the size of the second-largest IBIT sell order on the day. Dark pools are private trading venues commonly used by institutional investors, allowing them to avoid price volatility in public markets. However, such a large single-lot sell pressure was transmitted to the crypto market almost instantly.

Net outflows for 8 consecutive days, institutional de-risking wave shows no signs of slowing

This dark pool transaction was not an isolated case. U.S. spot Bitcoin ETFs have recorded net outflows for 8 consecutive trading days. On Tuesday alone, $333.6 million flowed out, with IBIT accounting for $192.4 million. Since May 14, total fund outflows have exceeded $2 billion.

The pace of institutional de-risking is accelerating. Trader Jane Street reduced its Bitcoin ETF holdings by about 70% in the first quarter, and Goldman Sachs also cut its holdings by 10%. The moves by these two institutions send a clear signal: Bitcoin ETFs are no longer a one-way buy flow with uninterrupted inflows.

“Stock-market-ization” of Bitcoin seen through dark pool trading

Bitcoin has long been viewed as an asset operating outside traditional markets. With the emergence of ETF products, the threshold for institutional participation has dropped significantly, and the correlation between Bitcoin’s price and the U.S. stock market has risen markedly. The $1.3 billion dark pool sell order that dragged the coin’s price down within 10 minutes is a clear example of this “stock-market-ization.”

A trend Taiwan investors can observe is that Bitcoin’s price movements are no longer driven only by miners mining or whales transferring coins. Instead, more of the timing of institutional traders’ capital is moving across dark pools, public markets, and the options market. When market makers such as Jane Street and Goldman Sachs begin trimming, retail investors’ technical analysis signals may see even larger swings.

As the summer trading lull approaches, if ETF net outflows continue, whether the market can establish a new support level around $75,000 will be a key point to watch in the coming week.