Mystery Trader Dumps $1.26B in BlackRock Bitcoin ETF

TheNewsCryptoPublished on 2026-06-01Last updated on 2026-06-01

Abstract

A mystery trader sold a massive block of 29.2 million shares of BlackRock's iShares Bitcoin Trust (IBIT) for $1.26 billion via a dark pool. NYDIG's Greg Cipolaro analyzed the trade, noting the seller accepted a price $1.01 below market value, forfeiting $29.5 million for immediate execution. He speculates this indicates a large directional holder exiting a concentrated position, not a basis-trade unwind. The sale occurred amid a broader trend of outflows from U.S. spot Bitcoin ETFs, which have seen 11 consecutive days of net withdrawals totaling over $2.9 billion since mid-May. Bitcoin's price dipped 2.8% following the block trade, but analysts noted the market absorbed the large sale relatively well. Overall market sentiment remains cautious, with a key "fear" index averaging in "fear" territory for May.

Financial services firm NYDIG’s head of research, Greg Cipolaro, speculates that last week’s $1.26 billion block transaction in BlackRock’s iShares Bitcoin Trust (IBIT) was probably a whale quickly getting out of a directional move.

A mystery trader sold 29.2 million shares of BlackRock’s IBIT on Tuesday using dark pool, a private trading platform where institutions may covertly conduct big deals outside of public markets. This sparked suspicion over the motives and identities of the seller.

Several signs were “consistent with a large directional holder exiting a concentrated position rather than a contemporaneous basis-trade unwind,” according to a research note by Cipolaro. According to him, a big directional holding was likely selling since the seller accepted the offer for $1.01 less than the market price of $44.17, forewent $29.5 million to guarantee instant execution, and used a private trading platform.

Bitcoin ETF Outflows Continue

Major deals have the power to shift markets and influence public opinion. But in this instance, Bitcoin’s (BTC) value fell 2.8% on the trading day after the deal. Eric Balchunas, an ETF analyst for Bloomberg, said at the time that, despite the large block sell, the market took the sale very well.

The net outflow of $333.6 million occurred on the same trading day as the huge IBIT deal, continuing a streak of 11 trading days for US-listed Bitcoin ETFs, according to data from Farside Investors.

Since the last net inflow was observed across numerous funds on May 14, more than $2.9 billion has been pulled out of the ETFs. At the same time, public opinion has been all over the place. On Monday, the crypto market’s “fear” index—which gauges general opinion about cryptocurrencies—returned a score of 29 out of 100. For the month of May, it likewise averaged a “fear” rating.

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Related Questions

QWhat was the estimated value of the block transaction that triggered speculation about a mystery trader exiting a directional position in BlackRock's IBIT?

AThe block transaction was valued at $1.26 billion.

QAccording to NYDIG's Greg Cipolaro, what were the three key signs indicating the $1.26B IBIT sell-off was likely a large directional holder exiting a concentrated position?

AThe three key signs were: 1) The seller accepted a price $1.01 below the market price of $44.17, 2) They forewent $29.5 million to guarantee instant execution, and 3) They used a private dark pool trading platform.

QWhat was the net outflow for U.S.-listed Bitcoin ETFs on the same trading day as the large IBIT block sale, and how long was the streak of consecutive outflow days at that point?

AThe net outflow was $333.6 million on that day, continuing a streak of 11 consecutive trading days of outflows.

QHow did Bitcoin's (BTC) price react on the trading day following the $1.26 billion IBIT block sale?

ABitcoin's value fell by 2.8% on the trading day following the deal.

QWhat sentiment score did the crypto market's 'fear' index return on the Monday mentioned in the article, and what was its average rating for the month of May?

AThe 'fear' index returned a score of 29 out of 100 on that Monday, and it averaged a 'fear' rating for the entire month of May.

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