BlackRock Unloads Massive Block of Bitcoin Trust Shares in Record Sale

A significant development in the crypto markets has been reported, with a massive block sale taking place on May 29. The sale involved 29.21 million shares of the iShares Bitcoin Trust (IBIT), managed by BlackRock, worth approximately $1.26 billion.

The transaction was executed at a price of $43.16 per share, which represents a 2.3% discount to the prevailing market value of $44.17. This resulted in an estimated loss of nearly $29.5 million for the seller.

Market analysts have suggested that this large-scale transaction may signal a sudden exit by a major investor rather than the typical unwinding of a hedge fund strategy. The block sale took place off-exchange, and only 91 CME bitcoin futures contracts were traded during the minute of the sale, indicating no spike in trading volume linked to potential arbitrage activity.

Recent data shows that spot bitcoin ETFs in the U.S. have seen consecutive outflows, with net outflows recorded every single day from May 15 to May 29. Total assets under management fell from approximately $107.75 billion to $94.17 billion during this stretch, while bitcoin's price fell 16% year-to-date.