BlackRock's IBIT Hit by $1.29B Dark Pool Dump — Market…

A massive $1.29 billion dark pool block trade — described by market participants as one of the largest institutional Bitcoin ETF dumps ever recorded — hit BlackRock's IBIT at 10:30 a.m., coinciding with a sharp red candle that briefly pushed BTC to $75K. The identity of the seller remains unknown, though speculation is running high about which large capital allocator is quietly exiting via OTC channels.

What's striking is how well the market has absorbed the pressure. Bloomberg's senior ETF analyst Eric Balchunas noted the bid has held up surprisingly well. Since October 10th, an estimated 4.45 million BTC has been distributed on-chain from cost-basis cohorts — and new buyers have absorbed the bulk of it without a structural breakdown. Bitfinex whales, widely regarded as some of the most sophisticated positioning on any exchange, are reportedly loaded long.