$1.3 billion dark pool sell order hits BTC! ETF sees 8 consecutive days of net outflows, institutional sell-off wave arrives

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A Bitcoin ETF was hit by a massive $1.3 billion sell-off of 29.2 million shares in a dark pool, causing the price of Bitcoin to plunge 1.5% within 10 minutes. (Context: The valuation gap between Bitcoin and US tech stocks hits an all-time high! Bitwise: BTC is poised for a catch-up rally in the second half of the year.) (Background: US stocks hit record highs while "Extreme Fear" grips crypto; Bitcoin trades sideways at $76k, bulls get liquidated as 87,000 traders lose $300 million.) On Tuesday afternoon, an anonymous trader dumped 29.2 million shares of the BlackRock iShares Bitcoin Trust (IBIT) in a dark pool, totaling approximately $1.3 billion, which triggered a rapid decline in Bitcoin's price. Galaxy Digital head of research Alex Thorn stated that this was the largest Bitcoin ETF trade he had ever seen in a dark pool. According to TradingView data, the trade occurred at 2:30 PM UTC, with Bitcoin's price sliding from $77,875 to $76,720 within 10 minutes, a drop of 1.5%. Bitcoin remained under pressure thereafter, hitting a daily low of $75,600 about 12 hours later, marking a cumulative decline of 2.8% for the day. Bloomberg ETF analyst Eric Balchunas pointed out that the 29.2 million IBIT shares were traded at $43.16 per share, which is more than 22 times the size of the second-largest IBIT sell order of the day. Dark pools are private trading platforms commonly used by institutional investors to avoid price volatility in public markets, yet such a massive single sell order still instantly transmitted pressure to the crypto market. This dark pool trade was not an isolated incident. US spot Bitcoin ETFs have now recorded net outflows for eight consecutive trading days. On Tuesday alone, $333.6 million flowed out, with IBIT accounting for $192.4 million. Since May 14, cumulative outflows across all funds have exceeded $2 billion. The pace of institutional reduction is accelerating. Trading firm Jane Street reduced its Bitcoin ETF holdings by approximately 70% in the first quarter, and Goldman Sachs also cut its position by 10%. The actions of these two institutions signal that Bitcoin ETFs are no longer one-way buys. Bitcoin was once viewed as an asset operating outside of traditional markets. With the emergence of ETF products, the threshold for institutional investment has significantly lowered, and the correlation between Bitcoin's price and the US stock market has increased significantly. The fact that a $1.3 billion dark pool sell order could drag down the price in 10 minutes is a concrete manifestation of this "stock marketization." A trend that Taiwanese investors can observe is that Bitcoin's price movement is no longer solely influenced by miners or whale transfers, but increasingly by the capital allocation of institutional traders across dark pools, public markets, and options markets. When market makers like Jane Street and Goldman Sachs begin to reduce their positions, retail technical analysis signals may experience greater volatility. As the summer trading lull approaches, if ETF net outflows continue, whether the market can establish new support near $75,000 will be a key point to watch in the coming week.

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