Bitcoin price drops following $1.3B dark pool sale of BlackRock's IBIT

The price of Bitcoin fell following a massive $1.3 billion sale of BlackRock's spot Bitcoin ETF (IBIT), Cointelegraph reported. According to the report, an anonymous investor sold 29.2 million shares of IBIT on May 27 through a dark pool, a private exchange where order details are not publicly visible. Alex Thorn, head of research at Galaxy Digital, described the transaction as the largest dark pool trade he had ever seen. Immediately after the trade, BTC fell approximately 1.5% from $77,875 to $76,720 in about 10 minutes. The price subsequently extended its decline, dropping to around $75,600.