$1.3B Dark Pool Sale Precedes Bitcoin's Sharpest Intraday Drop

A significant development has taken place in the world of cryptocurrencies, with a massive dark pool sale of IBIT shares preceding Bitcoin's sharpest intraday drop on May 27.

The transaction involved the sale of 29.2 million shares via a private institutional trading venue, generating proceeds of roughly $1.3 billion at $43.16 per share. This represents one of the largest transactions in the industry and has sparked concerns about the impact of institutional trading on cryptocurrency markets.

US spot BTC ETFs recorded their eighth consecutive day of net outflows on Tuesday, with a total of $333.6 million leaving the funds. The IBIT alone saw an outflow of $192.4 million, highlighting the significant sell-off in the market.