Bitcoin price shrugs off $1.3B BlackRock ETF block sale

Bitcoin’s price stayed firm despite a massive $1.3 billion block sale executed by a mysterious BlackRock ETF holder, which analysts called a sign of large-scale institutional de-risking.

A roughly $1.3 billion block trade in BlackRock’s iShares Bitcoin Trust (IBIT) tested liquidity in the largest spot Bitcoin exchange-traded fund (ETF) as Bitcoin products faced a fresh stretch of outflows.

Bloomberg’s ETF analyst, Eric Balchunas, confirmed the transaction, adding that the market “absorbed it well” as IBIT’s price remained largely unchanged, he wrote in a Tuesday X post.

Bitcoin’s (BTC) price fell 2% during the past 24 hours, but managed to remain above the $75,600 level at the time of writing, despite the significant block sale from the mysterious ETF holder, data from TradingView shows.