BlackRock sold $1 bn of Bitcoin via IBIT, but investors are still in

BlackRock’s iShares Bitcoin Trust (IBIT) moved roughly 15,000 BTC, worth $1.01 bn, out of the fund between May 18‑22, selling a slice each day to meet investor redemptions【1】.

The outflows were routine: when shareholders sell IBIT shares, BlackRock must deliver the underlying Bitcoin, so the fund liquidated the required coins and deposited them into Coinbase Prime for settlement【1】. The sales were spread evenly over five days, showing a measured process rather than a panic exit. At the same time BlackRock filed paperwork for a second tokenized fund with the SEC, indicating continued expansion in digital assets【1】.

IBIT’s redemptions were part of a broader pull‑back across U.S. spot Bitcoin ETFs, which collectively shed $1.26 bn—the largest weekly outflow of 2026—driven by market jitter from Middle‑East tensions and firm Treasury yields【1】. Major players such as Jane Street trimmed its Bitcoin ETF holdings by about 70% in Q1, and Goldman Sachs also reduced its position, underscoring a sector‑wide risk‑off rather than a single firm’s decision【1】.

Despite the billion‑dollar outflows, Bitcoin’s price stayed above $77 k, dipping only to $74.3 k before rebounding. Analysts note that even a 25,000 BTC purchase would be under 1 % of weekly trading volume, so the sell‑off was absorbed without a price crash【1】. However, the resilience rests on speculative futures traders rather than long‑term holders, whose buying has been shrinking at the fastest rate since early 2026【1】.

The episode shows that BlackRock’s actions reflect client behavior, not a shift in the firm’s crypto outlook. Spot ETFs still hold about 1.3 million BTC—roughly 7 % of total supply—and have attracted over $57 bn in cumulative inflows since 2024【1】. The next move hinges on whether new investors step in as the market watches key levels around $75 k and $78 k.