• BlackRock’s iShares Bitcoin Trust saw a $1.29 billion dark pool block trade on Tuesday, one of the largest Bitcoin exchange-traded fund transactions on record.

• Bloomberg analysts James Seyffart and Eric Balchunas confirmed the trade, with Balchunas saying the market “absorbed it well.”

• The trade renewed debate over Wall Street’s growing role in Bitcoin, with the founder of Crucible Capital arguing that Bitcoin exchange-traded funds are not improving Bitcoin’s real-world utility.

A massive $1.29 billion block sale in BlackRock’s iShares Bitcoin Trust (IBIT) crossed Nasdaq on Tuesday, marking what analysts described as one of the largest institutional Bitcoin (BTC) exchange-traded fund (ETF) trades ever recorded.

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