A single investor offloaded over $1.29 billion worth of shares in BlackRock’s iShares Bitcoin Trust (IBIT) in a single dark pool trade on Tuesday, marking one of the largest individual ETF transactions on record.
The massive sale came as U.S.-listed spot bitcoin ETFs recorded their seventh consecutive day of net outflows, with total outflows reaching $334 million on Tuesday alone. The streak is the second-longest since the ETFs launched in January 2024.
The Trade
Alex Thorn, head of research at Galaxy, flagged the transaction on X, calling it the biggest dark pool trade of its kind he has ever seen. The $1.289 billion transaction took place at 10:30 a.m. ET.
Dark pool trades are privately negotiated transactions that allow large market participants to buy and sell substantial amounts of stock without tipping off the public or instantly moving the spot price. However, when a single entity dumps over $1 billion in one shot, it’s usually seen as a cautionary signal – suggesting the entity is wary of potential risk ahead and is scaling back exposure.
Despite the massive single transaction, IBIT still had to process net redemptions worth $192.44 million, according to data from SoSoValue. This indicates that overall momentum was controlled by investors heading for the exit, even if other buyers stepped in to absorb portions of the dark pool trade.
ETF Outflow Crisis Deepens
The sell-off is part of a broader trend that’s becoming increasingly difficult for bulls to ignore. Investors have now pulled a total of $2.26 billion from spot bitcoin ETFs over the past two weeks.
The longest consecutive outflow streak on record is eight trading days, occurring twice – in late August-early September 2024 totaling $1.2 billion, and again in February 2025 totaling $3.3 billion. The current seven-day streak, which has already lost $1.88 billion, is on track to surpass both in total dollar terms if outflows continue.
The persistent outflows have contributed to Bitcoin’s price pressure. The largest cryptocurrency is trading near $76,000, down 11% year to date and nearly 30% over the past 12 months.
Broader Market Context
Bitcoin has fallen to 13th place among the world’s largest global assets by market capitalization, now valued at approximately $1.5 trillion. Investor capital has rotated into other high-performing sectors, including precious metals and AI-focused equities.
Gold, which reached a record $5,600 per ounce in January, remains elevated around $4,486. Silver surged as high as $120 per ounce and now trades near $76. Semiconductor giants TSMC and Broadcom have both surpassed Bitcoin in market capitalization, each valued at around $2 trillion.
What’s Next for Bitcoin ETFs
The relentless outflow streak raises questions about institutional appetite for Bitcoin exposure. While the ETFs attracted massive inflows through much of 2024 and early 2025, the current exodus suggests a shift in sentiment among institutional investors.
Market analysts are watching to see whether the outflow streak will extend beyond eight days – which would make it the longest on record – or whether bargain hunters might step in to reverse the trend.
FAQ
what’s a dark pool trade in bitcoin ETFs?
A dark pool trade is a privately negotiated transaction that allows large investors to buy or sell substantial amounts of shares without publicly displaying the order on exchange order books. This prevents the trade from immediately impacting the market price.
How much has flowed out of bitcoin ETFs recently?
Spot bitcoin ETFs have experienced seven consecutive days of net outflows totaling $1.88 billion. Over the past two weeks, investors have withdrawn a total of $2.26 billion from these funds.
What does the IBIT dark pool dump mean for Bitcoin’s price?
The $1.29 billion dark pool sale signals that at least one major investor is reducing exposure amid ongoing outflows. Combined with broader ETF redemptions and Bitcoin trading near $76,000, the persistent selling pressure could continue to weigh on Bitcoin’s price in the near term.
