Dark pool reveals mysterious $1.29 billion sell order! BlackRock's Bitcoin ETF dumped by whales

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Just as a wave of capital flight erupted across U.S. spot Bitcoin ETFs, a mysterious mega-order shocked Wall Street and the crypto world: a super whale dumped a staggering $1.29 billion worth of BlackRock's Bitcoin ETF in the "dark pool" in one shot. Not only is this a rare and astonishing sell-off since the fund's listing, it has also set off alarm bells in the market: who exactly is rushing to get out? "Dark pool trading" refers to an off-exchange matching mechanism privately operated by institutions, allowing super-large holders to quietly complete massive position transfers without alerting retail investors or instantly crashing prices. Such trades are typically used by large Wall Street funds, investment banks, and institutional investors to discreetly adjust positions. However, when a single sell order exceeding $1 billion appears in the market, it is often viewed as a significant signal that risk appetite is cooling. This trade occurred as the 11 U.S. spot Bitcoin ETFs recorded a combined net outflow of $334 million that day, marking the seventh consecutive trading day of capital withdrawal — the second-longest streak of continuous bleeding since spot Bitcoin ETFs were listed. Alex Thorn, head of research at prominent crypto investment bank Galaxy, posted on social platform X stating that this $1.289 billion IBIT dark pool trade is the largest of its kind he has ever seen, with the transaction occurring at 10:30 a.m. Eastern Time. In financial market interpretations, when a single institution suddenly dumps over $1 billion in assets, it is typically seen as a warning signal, suggesting that the institution harbors serious doubts about the market outlook and is urgently seeking to reduce exposure. However, this trade does not entirely represent a complete withdrawal of capital from the market. While dark pool trading certainly indicates that someone is determined to cash out and exit, amid the massive selling pressure, there may also be buyers stepping in to absorb it. The so-called "net outflow" is the final result after settling all buying and selling forces in the market throughout the day. Capital Flight Intensifies, Bitcoin Faces Severe Test Ahead According to data from analytics platform SoSoValue, the IBIT fund recorded a net capital outflow of $192 million that day, indicating that the current market rhythm is being dominated by sellers rushing to cash out and exit. This trend of capital retreat is becoming increasingly impossible for the bullish camp to ignore. Over the past two weeks, investors have pulled $2.26 billion from Bitcoin ETFs. If the panic-driven capital flight continues to spread, Bitcoin's price defense line may face an even more brutal test. According to CoinGecko price data, after breaking through the $82,000 high on May 6, Bitcoin has retreated all the way down to below $77,000, with short-term weakness fully exposed. Is this massive shift of bullish and bearish positions an opportunity for a deep-squat jump, or a precursor to a larger-scale decline? The market is holding its breath in anticipation.

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