Eight straight days. That is how long US spot Bitcoin ETFs have been bleeding money, with more than $2 billion in net outflows recorded since May 14 — and Tuesday’s session added another ugly chapter to that streak.
A Sell Order Like No OtherThe transaction, valued at $1.3 billion, was executed at $43.16 per share at 2:30 pm UTC. Alex Thorn, head of firmwide research at Galaxy Digital, said it was the biggest dark pool trade in the fund he had ever seen.
The sell-off fits a broader pattern of institutional retreat. Jane Street cut its Bitcoin ETF holdings by around 70% in the first quarter, while Goldman Sachs trimmed its position by 10%.
Bitcoin has historically traded outside the orbit of traditional financial markets, but the rise of US-based Bitcoin ETFs has pulled institutional investors in — and now some are heading for the exit.
Fresh capital entering the market has not been enough to offset the pace of withdrawals, according to reports. Whether Tuesday’s massive dark pool transaction signals a shift in strategy by a major holder, or simply a one-time portfolio move, remains unknown.
Featured image from Unsplash, chart from TradingView
