Bitcoin holds steady at $76K despite $1B in net selling

Over the past ten days, roughly $1.26 billion in net Bitcoin selling hit the market. The price response? Essentially nothing. Bitcoin continues to trade around $76,000, absorbing a level of sell pressure that would have triggered a double-digit correction just a couple of years ago. Where the selling came from The $1.26 billion figure isn’t just a bunch of retail traders panic-selling into red candles. On-chain analytics firm CryptoQuant identified the sellers as predominantly whales and long-term holders who offloaded between $1 billion and $1.2 billion worth of Bitcoin within a two-week window. A significant chunk of the action traces back to BlackRock’s iShares Bitcoin Trust, known by its ticker IBIT. The fund saw a dark-pool block sale of approximately $1.26 billion, covering roughly 29.2 million shares. Dark-pool transactions, for the uninitiated, are trades executed off public exchanges to avoid moving the market. US spot Bitcoin ETFs piled on additional pressure, logging net outflows for somewhere between 9 and 12 consecutive trading days in late May. Those redemptions regularly reached into the hundreds of millions. CryptoQuant’s data added an important nuance: the distribu...