The biggest names in Bitcoin ownership quietly moved billions of dollars worth of the asset in the most recent week. Bitcoin held its ground above $74,000 when BlackRock’s iShares Bitcoin Trust (IBIT) shed over a billion dollars in BTC through consecutive daily redemptions, and a Satoshi-era miner shifted $203 million to over-the-counter trading desks, showing that someone on the other side of these transactions was absorbing the pressure.
BlackRock-Linked Bitcoin Wallets Shed Over $1 Billion With IBIT OutflowsThe balance history data from Arkham shows IBIT’s holdings peaked above $75 billion in the first half of May, briefly touching near $75.5 billion around May 11. From that point, the fund’s balance declined in a near-uninterrupted slide, falling below $67 billion by May 26, a drop of about $8 billion from peak to trough over less than three weeks.
OTC desks are used to reduce visible price impact, especially when a large holder wants to find private counterparties without dropping a block of coins directly on crypto exchanges. There’s also the case of these Satoshi-era coins moving from inactive supply to active supply.
The question being asked by Arkham, “If BlackRock is selling… who’s buying?” captures the current divide. The supply is clearly moving, but there is still enough demand to keep Bitcoin from breaking down immediately below $76,000.
