BlackRock Bitcoin ETF Absorbs Massive Block Trade

BlackRock's Bitcoin ETF, IBIT, underwent a significant block trade on May 26, with nearly 29 million shares changing hands in a single transaction. The trade valued at approximately $1.3 billion was executed at around $43.16 per share, with the ETF price stabilizing shortly after.

According to Bloomberg's Eric Balchunas, the market efficiently absorbed the large sale, with IBIT closing the trading day with minimal price movement. This is noteworthy given the recent consecutive outflows from US spot Bitcoin ETFs, which totaled $100.9 million on May 21 and $105.2 million on May 22.

BlackRock's IBIT has been a top performer in the crypto investment space, recently entering the list of top 10 US ETFs by performance and popularity. The company has also expanded its presence in the digital asset industry with the launch of a tokenized money market fund on Ethereum.