BlackRock IBIT Sees Massive $1.29B Dark Pool Trade

A $1.29 billion dark pool block trade in BlackRock's iShares Bitcoin Trust crossed Nasdaq on Tuesday, marking what analysts are calling a record-breaking institutional print for a US spot Bitcoin ETF.

Record Block Trade Draws Immediate Attention

The block trade drew immediate attention from institutional traders and crypto analysts tracking ETF flows. The order, covering roughly 29 million shares, executed at approximately $43.16 per share and was confirmed by Bloomberg ETF analysts Eric Balchunas and James Seyffart as an intermarket sweep order. The single print produced a chart candle that exceeded IBIT's typical full-day trading volume.

Alex Thorn of Galaxy Research described it as a "massive $1.289 billion IBIT block sale by unknown party through dark pool," calling it the biggest such trade he has ever seen. Thorn estimated the trade equalled roughly 16,400 $BTC.

The block sale may help explain a sharp intraday reversal in Bitcoin that took the price from $78,000 to below $76,000, with the timing of the price action closely matching the execution of the trade. Dark pool transactions involve both a buyer and a seller and can reflect portfolio rebalancing, hedging, options-related activity, or liquidation.

Bitcoin Holds Steady as Market Watches for Flow Data

IBIT finished the session at $42.99, slightly above levels seen before the block trade, while Bitcoin traded near $75,900 and remained above $75,000 through the day. Analysts and traders noted that the fund's liquidity profile has grown, allowing large trades to execute without sharp price disruptions.

At the same time the block crossed, institutional options flow showed nearly $1 million moving into December 2026 IBIT call options at a $45 strike, suggesting at least some large market participants remain bullish on Bitcoin through the end of 2026.

Official ETF flow figures, due the next trading day, will show whether the transaction registers as a net outflow for US spot Bitcoin ETFs or as an internal transfer between counterparties. IBIT launched in January 2024 and has since grown into the dominant spot Bitcoin ETF, with approximately $60 billion in assets under management.

Sources:
CoinDesk: Live Markets, May 26, 2026
Bitcoin.com News: BlackRock IBIT Dark Pool Trade Tops $1.29 Billion
Crypto Briefing: BlackRock's $1.3B Dark Pool Trade