$1.3 Billion Dark Pool Sale Triggers Bitcoin Price Drop

A recent analysis has revealed that a significant price drop in Bitcoin on Tuesday coincided with the sale of $1.3 billion worth of shares in BlackRock's iShares Bitcoin Trust ETF (IBIT) through a dark pool.

Dark pools are private trading platforms where institutions can discreetly make large trades outside of public markets, and this particular trade marked the largest such transaction ever recorded.

The sale had an immediate impact on the crypto market, with TradingView data showing that Bitcoin (BTC) fell 1.5% from $77,875 to $76,720 in a short 10-minute window after 2:30 p.m. UTC.

Bitcoin then continued to slide, reaching a 24-hour low of $75,600 about 12 hours later, marking a total fall of 2.8% for the day.

This event is particularly noteworthy as it marks the eighth consecutive day of net outflows from US spot Bitcoin ETFs, with over $2 billion having flowed out since May 14.