Bitcoin · Bitcoin ETF · Galaxy Digital · Cointelegraph
Bitcoin’s recent drop coincides with $1.3 billion ‘dark pool’ ETF sale: Analyst
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Galaxy Digital’s Alex Thorn says a $1.3 billion sale of BlackRock’s Bitcoin ETF was the largest he has seen on a dark pool, or private trading platform.
Key facts
- Bloomberg ETF analyst Eric Balchunas also shared that the 29.2 million IBIT shares sold at $43.16 and was over 22 times larger than the second-largest IBIT sell order on Tuesday
- The impact of the $1.3 billion trade was immediately felt in the crypto market, with TradingView data showing that Bitcoin (BTC) fell 1.5% from $77,875 to $76,720 in a short 10-minute window after 2:30 p
- A trader sold 29.2 million shares of BlackRock’s iShares Bitcoin Trust ETF (IBIT) at 2:30 p.m
- US spot Bitcoin ETFs have now recorded eight straight trading days of net outflows, with a $333.6 million outflow on Tuesday, including a $192.4 million outflow from IBIT
Summary
An unknown trader’s $1.3 billion sale of shares in BlackRock’s Bitcoin exchange-traded fund on Tuesday coincided with a steep fall in the price of Bitcoin, according to analysts. A trader sold 29.2 million shares of BlackRock’s iShares Bitcoin Trust ETF (IBIT) at 2:30 p.m. The impact of the $1.3 billion trade was immediately felt in the crypto market, with TradingView data showing that Bitcoin (BTC) fell 1.5% from $77,875 to $76,720 in a short 10-minute window after 2:30 p.m. Bitcoin then slid further to a 24-hour bottom of $75,600 about 12 hours later, marking a 2.8% fall for the day.