BlackRock’s spot Bitcoin ETF, IBIT, has recorded more than $772 million in net outflows as of early July, according to SoSoValue. The fund’s total net assets fell to $44 billion. Over the same stretch, Bitcoin pulled back from its spring highs and traded near $59,000, leaving BlackRock’s Bitcoin holdings at slightly above 3.5% of global supply.
Because BlackRock is one of the world’s largest asset managers, changes in IBIT are watched well beyond the ETF market itself. Flows into or out of the fund are often read as a signal of how institutional capital is moving between traditional finance and crypto. The number is large. The market reaction was immediate.
Strategy’s $216 million sale set off the first wave of pressure
Last week, Strategy said it had sold about $216 million worth of Bitcoin to fund dividend payments on its securities. The announcement was treated as the direct trigger for the latest downturn. After the statement, Bitcoin dropped sharply on exchanges and broke local support at $62,641, while short-term holders moved to reduce exposure.
The selloff faded quickly. As pressure built, institutional demand appeared, and BlackRock’s side was reported to have absorbed a large share of the volume through Coinbase Prime. The platform is built for large clients and offers custody, trading, and liquidity services, so activity routed there is often tied to institutional-sized execution.
Arkham data showed repeated 300 BTC purchases
Arkham data indicated that the buying was carried out in a series of transactions of exactly 300 BTC each. Near the end of the process, a larger block trade of 1,000 BTC was also executed. Total spending linked to the purchases was estimated at more than $80 million. The pattern pointed to gradual accumulation rather than a single aggressive order.
At the same time, BlackRock’s second fund, ETHA, added another 7,500 Ethereum. That suggested institutional demand was not limited to Bitcoin. Ethereum was being accumulated as well, giving the market a broader picture of capital deployment across major crypto assets.
Large holders accumulated at lower levels as BTC rebounded
The recovery also matched moves from other major wallets. According to the report, large investors bought more than 270,000 BTC at lower prices over the past few days. Bitcoin then rebounded quickly on Bitfinex to $63,739.
Technical readings improved too. The Relative Strength Index, or RSI, rose to 65, a level that pointed to stronger buyer control. In this sequence, heavy ETF outflows created pressure, Strategy’s sale amplified the move, and institutional buying along with large-wallet accumulation helped stabilize the market soon after.