A billion-dollar block trade in BlackRock’s spot bitcoin ETF stood out Tuesday, unfolding as U.S.-listed crypto funds continued to see steady outflows.

During a session marked by investor withdrawals, one крупный move drew particular attention: a single entity sold approximately $1.29 billion worth of shares in BlackRock’s iShares Bitcoin Trust (IBIT) through a dark-pool transaction. Such trades are conducted privately, allowing large investors to shift sizable positions without immediately affecting market prices or signaling intent.

The transaction came on a day when the 11 U.S. spot bitcoin ETFs recorded a combined $334 million in net outflows, extending their current streak to seven consecutive sessions. Since their launch in January 2024, this marks the second-longest run of withdrawals, totaling $1.88 billion. The longest streak—eight straight days—has occurred twice before, in late 2024 and again in early 2025.

Alex Thorn, head of research at Galaxy, highlighted the trade on X, describing it as the largest he has seen. He noted that the $1.289 billion deal was executed around 10:30 a.m. ET.

Large single transactions of this scale are often interpreted as a cautious signal, suggesting a major holder may be trimming exposure amid uncertain conditions. However, such a move does not necessarily indicate a full exit, as buyers could have absorbed the shares.

Still, broader data points to persistent selling pressure. IBIT alone registered $192.44 million in net redemptions, according to SoSoValue, underscoring continued investor outflows.

The trend is increasingly difficult for bulls to ignore. Over the past two weeks, total withdrawals from spot bitcoin ETFs have reached $2.26 billion, highlighting weakening market sentiment.

Bitcoin has already responded to the pressure, slipping below $77,000 after trading above $82,000 earlier in May. If ETF outflows persist, they may continue to weigh on prices in the near term.