A $1.29 billion OTC block trade hit BlackRock's IBIT at roughly 10:30 a.m. on Friday, marking one of the largest — if not the largest — institutional spot Bitcoin ETF dumps ever recorded. The sale coincided with the large red candle that pushed Bitcoin back to $75,000, and Bloomberg senior ETF analyst Eric Balchunas noted the market is absorbing the flow surprisingly well.
Since October 10, which many in the space now treat as the start of the 2025 bear cycle, roughly 4.45 million BTC have been distributed on-chain from these cost-basis cohorts into new buyers. Price action has held: support was back-tested successfully rather than broken, monthly RSI sits at levels historically associated with bear-market bottoms, and the super-trend indicator remains long — a combination with no historical precedent in prior Bitcoin cycles.
Why it matters
The narrative shaping the move is asset allocation, not capitulation. With US equities at all-time highs on AI leadership, a pro-crypto Fed chair on the horizon, the Clarity Act targeted for passage by July 4, the Iran conflict winding down, and Treasury companies still adding, the macro tape is crowded with tailwinds. A $1.3 billion single-name seller into that backdrop suggests a large, possibly strategic, redistribution rather than a regime change in demand.
A Fox Business host walked through her framework on air: a $750,000 base case and a $1.25 million bull case for Bitcoin over five years, anchored on three pillars — substitution for gold through generational wealth transfer, an emerging-markets insurance role against fiscal and monetary neglect, and institutional adoption as a new low-correlation asset class. Each pillar accelerates once the Clarity Act lands.
Market impact
Positioning data backs the absorption read. Bitfinex whales are massively long — the most professional venue's smartest money is loading up, not fading. Russell 2000 small-caps and the S&P 500 have already moved into expansion, and the read is that Bitcoin is next in line. Altcoin dominance is tracking toward a golden cross in September, mirroring the setup from the prior two crosses, both of which preceded large altseason runs.
Frequently asked questions
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What was the $1.29 billion IBIT block trade on Friday?
A roughly $1.29 billion OTC block trade hit BlackRock's IBIT spot Bitcoin ETF around 10:30 a.m. Friday. Traders called it one of the largest, possibly the largest, institutional spot BTC ETF dump ever recorded, and it coincided with the red candle that pushed Bitcoin back to $75,000.
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Who is selling Bitcoin through the dark pool?
The source does not name a specific seller. The video speculates about Larry Fink, Michael Saylor, or a high-connected party, but no attribution is confirmed. What is confirmed is the size of the OTC print into IBIT and that the market absorbed the flow rather than breaking.
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How much Bitcoin has been absorbed since October 10?
Roughly 4.45 million BTC have been distributed on-chain from the cost-basis cohorts that have been selling since October 10. New buyers have absorbed the flow, and Bitcoin price has held above key support, currently around $75,000.
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Why is the market absorbing the selling instead of crashing?
Bitfinex whales are positioned massively long, monthly RSI sits at historical bear-market bottom levels, the super-trend indicator remains long, and key support was back-tested successfully rather than broken. The combination of technical structure plus a tailwind-heavy macro backdrop — pro-crypto Fed chair, Clarity…
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What would the Clarity Act change for Bitcoin?
According to the Fox Business interview cited in the source, the Clarity Act (alongside the already-passed Genius Act) would set the regulatory stage for institutional capital to enter the crypto space at scale. The host framed her $1.25 million bull case for BTC over five years as contingent on the bill passing, with…
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