Whale activity spikes as $1.29B in BlackRock’s bitcoin ETF is dumped in a dark pool trade.

A massive block trade in BlackRock’s spot bitcoin ETF drew market attention Tuesday, taking place alongside continued capital outflows from U.S.-listed crypto funds.

As investors pulled money from spot bitcoin ETFs, one transaction stood out: a single participant sold roughly $1.29 billion worth of shares in BlackRock’s iShares Bitcoin Trust (IBIT) through a dark pool. These privately negotiated trades enable large investors to move significant الحجم without immediately impacting prices or signaling their intentions to the broader market.

The sale occurred during a session in which the 11 U.S. spot bitcoin ETFs recorded combined net outflows of $334 million. That marked the seventh consecutive day of withdrawals, the second-longest streak since the funds launched in January 2024, with cumulative losses reaching $1.88 billion. The longest stretch of outflows—eight straight sessions—has happened twice before, in late 2024 and early 2025.

Alex Thorn, head of research at Galaxy, highlighted the trade on X, describing it as the largest of its kind he has observed. He noted that the transaction, valued at approximately $1.289 billion, took place around 10:30 a.m. ET.

Large one-off sales of this scale are often interpreted as a sign of caution, suggesting a major holder may be reducing exposure amid uncertain conditions. However, such a move does not necessarily indicate a full exit, as counterparties may have absorbed the shares.

Even so, broader flow data points to ongoing selling pressure. IBIT alone recorded $192.44 million in net redemptions on the day, according to SoSoValue, reinforcing the trend of investors heading for the exit.

The persistent outflows are becoming harder for bullish participants to overlook. Over the past two weeks, investors have withdrawn a total of $2.26 billion from spot bitcoin ETFs, underscoring weakening sentiment.

Bitcoin has already reflected some of that pressure, falling below $77,000 after trading above $82,000 earlier in May. If the outflow trend continues, it could further weigh on prices in the near term.