BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) shed $527.84 million on Wednesday, its second-largest single-day outflow, as US airstrikes near the Strait of Hormuz reignited Middle East tensions.

All 11 US Spot Bitcoin ETFs Lost $733M In A Single Day

The broader ETF complex hemorrhaged $733.43 million on Wednesday alone, with Fidelity’s FBTC (BATS:FBTC) shedding $60.30 million and Grayscale’s GBTC (NYSE:GBTC) losing $104.76 million alongside IBIT.

The complex has now posted outflows for several consecutive sessions, pulling more than $2 billion from the market over two weeks as Bitcoin slid from above $82,000 on May 6 to under $73,000.

Wednesday’s IBIT outflow came within $500,000 of the fund’s all-time single-day record of $528.3 million set on January 30. 

IBIT holds roughly $59 billion in assets and accounts for close to 4% of Bitcoin’s total supply, making redemptions from this fund uniquely impactful—issuers must sell underlying Bitcoin to settle investor exits, which pushes price lower and triggers further redemptions.

$1.29B Dark Pool Block Sale In IBIT Preceded The Outflow

The day before Wednesday’s drawdown, a single investor sold $1.29 billion of IBIT shares in one dark-pool block trade—a privately negotiated transaction that allows large players to move size without alerting the broader market. 

Tuesday’s actual net redemptions from that trade came to $192.44 million, as buyers absorbed much of the volume. 

However, the two events together point clearly to institutional players trimming Bitcoin exposure as the macro backdrop deteriorated.

The flow data had been signaling this shift for weeks. ETF accumulation across the year had already thinned to a net of around 4,500 BTC, and May flipped from the steady buying of March and April into distribution.

Death Cross Still Looms As MACD Signals Weakening Momentum

Bitcoin is down nearly 3% over 24 hours. The 50-day SMA at $77,169 remains below the 200-day SMA at $79,976, keeping the longer-term death cross from November 2025 intact.

MACD sits below its signal line with a negative histogram, indicating buyers are losing control unless momentum rebuilds.

The 12-month performance sits down 32.13%, with the chart showing a swing low in April followed by a swing high in May—suggesting wide consolidation rather than clean trend continuation. Meanwhile, first resistance sits at the 20-day SMA of $77,925.

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