BlackRock's IBIT Bitcoin ETF has offloaded $1 billion worth of Bitcoin over the past week, according to blockchain analytics firm Arkham. The sell-off, tracked via on-chain wallet movements, marks the biggest weekly exodus from any spot Bitcoin ETF since the category debuted in early 2024.
A $1 billion move
Arkham's data shows that IBIT's wallet addresses sent roughly 15,000 BTC to exchanges and market makers between May 19 and May 25. That's about 7% of the fund's total holdings, which stood at roughly $13.5 billion before the week began. The outflows were spread across multiple transactions, with the largest single transfer clocking in at $220 million.
The timing isn't great for the ETF's remaining holders. Bitcoin prices have drifted lower this month, and a $1 billion sell order can amplify downward pressure even if the actual trades are executed over time.
What Arkham's blockchain data reveals
Arkham tracks wallet labels linked to fund custodians like Coinbase Custody. Its dashboard shows that IBIT's outflows accelerated sharply on Wednesday and Thursday, with two consecutive days of $300 million+ redemptions. By Friday, the pace slowed to about $100 million.
The data doesn't pinpoint who redeemed — ETF shares are traded on exchanges, and the actual selling pressure comes from authorized participants (APs) who create or redeem baskets. But the on-chain trail confirms that the underlying Bitcoin actually left the fund's custody, not just paper trading.
The outlook for IBIT
BlackRock's IBIT is still the largest spot Bitcoin ETF by assets, with roughly $12.5 billion remaining. But the $1 billion outflow is a sharp reversal from the steady inflows the fund saw through most of April and early May. The next weekly flow report from CoinShares or Bloomberg will show whether this is a one-off or the start of a broader trend.
For now, the market is watching whether other spot Bitcoin ETFs — like Fidelity's FBTC or ARK's ARKB — see similar redemptions. If IBIT's outflows prove to be an isolated event, the impact on Bitcoin's price may be short-lived. If not, the $1 billion number could be just the beginning.
