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BlackRock Dumps IBIT $1.2 Billion, Bitcoin Drops to $74,500 Area
The spot Bitcoin ETF market experienced massive selling pressure after BlackRock's iShares Bitcoin Trust (IBIT) recorded the largest sales ever in history. According to CoinMarketCap data on Thursday (May 28) early morning, this sell-off triggered a 3.06% decline in Bitcoin's price over the past 40 hours. The selling flow forced Bitcoin's price down from around $77,000 to the $74,500 area at the time of this article's publication.
On-chain data reveals that this price drop was directly triggered by a large transaction worth $1.289 billion or about 29 million IBIT shares executed through a dark pool on May 26. BlackRock's massive sale occurred alongside a trend of outflows from US Bitcoin ETFs that has been ongoing for seven consecutive days, with total funds withdrawn reaching $1.33 billion in the past week.
Market conditions were further worsened by the release of US macroeconomic data showing CPI inflation still held at 3.8%, with core inflation reaching 6%. The combination of macroeconomic uncertainty, US-Iran negotiation deadlock, and profit-taking ahead of this week's PCE inflation data release has led institutional investors to tend to rebalance their portfolios. As a result, this price shift triggered liquidations of long positions worth $32 million in the crypto market within 24 hours.