Major Bitcoin Players Drop Over A Billion In Sell-Offs While Euphoria Rocks Retail

The biggest names in Bitcoin ownership quietly moved billions of dollars worth of the asset in the most recent week. Bitcoin held its ground above $74,000 when BlackRock’s iShares Bitcoin Trust (IBIT) shed over a billion dollars in BTC through consecutive daily redemptions, and a Satoshi-era miner shifted $203 million to over-the-counter trading desks, showing that someone on the other side of these transactions was absorbing the pressure.

BlackRock-Linked Bitcoin Wallets Shed Over $1 Billion With IBIT Outflows

Arkham Intelligence data shows that BlackRock-linked Bitcoin wallets sold every trading day last week, with total sales reaching about $1.01 billion for the entire week. The tracked movements were tied to about 15,000 BTC sent through Coinbase Prime, a flow that appears connected to redemptions from BlackRock’s iShares Bitcoin Trust, IBIT.

However, the selling did not stop there, as the outflows have continued into this week. On May 25, an additional $105.19 million in outflows was recorded from IBIT, while another $333.71 million was recorded in outflows on May 26, extending the pressure into the new week.

The balance history data from Arkham shows IBIT’s holdings peaked above $75 billion in the first half of May, briefly touching near $75.5 billion around May 11. From that point, the fund’s balance declined in a near-uninterrupted slide, falling below $67 billion by May 26, a drop of about $8 billion from peak to trough over less than three weeks.

According to data from SoSoValue, the 11 US pot Bitcoin ETFs logged net outflows of $1.26 billion across the five trading days from May 18 to May 22. The reversal is notable given that April recorded $1.97 billion in net inflows, the strongest monthly total of 2026, and an early-May streak.

BlackRock Bitcoin Balance History. Source: Arkham

Satoshi-Era Miner Moves $203 Million In Bitcoin

The ETF outflows are not the only large-wallet activity catching attention. A Satoshi-era Bitcoin miner moved 2,650 BTC, worth around $203 million, to FalconX and Cumberland, two major OTC desks used by large holders and institutional counterparties. The transfers were split across three transactions, and the wallet still held about 6,000 BTC, worth about $460 million.

OTC desks are used to reduce visible price impact, especially when a large holder wants to find private counterparties without dropping a block of coins directly on crypto exchanges. There’s also the case of these Satoshi-era coins moving from inactive supply to active supply.

The strange part of this setup is that retail behavior has not fully matched the outflows coming from large wallets. Dip-buying language is loud across crypto social media, and Bitcoin’s ability to hold above $76,000 despite more than $1 billion in ETF-linked selling has helped keep the bullish crowd active. 

The question being asked by Arkham, “If BlackRock is selling… who’s buying?” captures the current divide. The supply is clearly moving, but there is still enough demand to keep Bitcoin from breaking down immediately below $76,000.