BlackRock's iShares Bitcoin Trust (IBIT) saw roughly $1.01 billion in Bitcoin outflows this week alone, as its holdings slid from a peak of $75.5 billion on May 11 to below $67 billion by May 26 — an $8 billion drop in less than three weeks. At the same time, a Bitcoin miner from the Satoshi era transferred 2,650 BTC (worth about $203 million) to over-the-counter desks FalconX and Cumberland, while still holding 6,000 BTC ($460 million) in its wallet.
IBIT's $1 Billion Week
The outflows at IBIT weren't an isolated event. Across 11 U.S. spot Bitcoin ETFs, net outflows totaled $1.26 billion between May 18 and May 22, 2024 — a sharp reversal from April's $1.97 billion inflow trend. This week's IBIT drain alone accounted for the bulk of that selling pressure, and the pace accelerated near the end of the period.
Satoshi-Era Miner Transfers 2,650 BTC
The old miner's move to FalconX and Cumberland — two well-known OTC desks — suggests a large-scale liquidation or hedging transaction. Wallets linked to early Bitcoin miners (circa 2009-2010) are rare and closely watched. The miner kept $460 million in Bitcoin, signaling it wasn't a full exit, but the $203 million transfer added to the week's institutional sell-side flow.
Retail Dip-Buying Emerges
Despite more than $1 billion in institutional sell-offs, Bitcoin's price stayed above $74,000. Social media chatter shows retail dip-buying activity picking up, with smaller traders stepping in to absorb the exchange and ETF selling. That dynamic helped keep the market from breaking below the $74K level.
Outflows Continue Into New Week
The selling didn't stop on Friday. Additional IBIT outflows hit $105.19 million on May 25 and $333.71 million on May 26, extending the downward trend into the current week. Whether the retail buying can hold against continued institutional selling — and whether the Satoshi-era miner moves more coins — are the open questions as traders watch order books and ETF flow data.
