Bitcoin spikes near $78,000 before reversing on large block sale

May 26, 2026

Bitcoin briefly climbed to just under $78,000 on Tuesday before retreating below $76,000 following a reported $1.289 billion block sale of BlackRock's IBIT shares. The move occurred as US stock indexes posted gains amid optimism over a potential Middle East agreement announced by President Trump. Bitcoin traded near $76,000 after the reversal.

The cryptocurrency reached its intraday high early in the US session alongside a rally in equities. Momentum faded after the block trade executed through a dark pool at 10:30 am ET, with bitcoin pulling back about 2 percent. Galaxy Digital head of research Alex Thorn identified the transaction on X but did not name the seller.

What people are saying

Initial reactions on X highlighted Bitcoin's brief spike near $78,000 followed by reversal on a $1.29B BlackRock IBIT block sale, with notes on liquidations, perp selling, ETF outflows, and technical risks to $70k or support at $76k.

Bitcoin just smashed through $78,000.

Ethereum reclaimed $2,100.

Over $25 million in short positions got wiped out in just one hour as bears were completely caught off guard. pic.twitter.com/xu0RXciQLr

— Raphael (@Raphael1402X) May 26, 2026

Someone dumped $1.29B of BlackRock BTC ETF in one dark pool trade Tuesday.

On-chain BTC demand is at its worst since December. Supply hitting market faster than buyers absorb it.

This rally is futures-led. No real spot support underneath. Those unwind fast.

$70K is the real… pic.twitter.com/gCrMU3q59Q

— David Yang (@davidyang_dj) May 27, 2026

$BTC update

the drop from 77.8k was mainly driven by aggressive perp selling, with Binance, Bybit, and Hyperliquid offloading around $255M, while Coinbase spot has actually been buying into the dip with over $23M in net inflows

heavy bids around 76.3k are trying to hold price… https://t.co/VbLINCPOUm pic.twitter.com/rHC60PfxAI

— mooncake (@mooncakexbt) May 26, 2026

Bitcoin is trading lower at $75,667 (-2.06%), on reports that a large $1.29 billion block sale of BlackRock’s iShares Bitcoin Trust (IBIT) shares hit the market via dark pool.

The sell order appears to have hit the market at around the same time Bitcoin hit its $78,000 intraday… pic.twitter.com/A885j6S0GX

— Tony Sycamore_IG (@Tony_Sycamore) May 26, 2026

Bitcoin just surged past $78,000 only to tumble back below $77,000 the very next second
Rallies and sell offs unfold in an instant true players never trade based on emotion

— Blue Rose (@MonicaXM_L) May 26, 2026

Sources

• https://cointelegraph.com/markets/bitcoin-liquidation-hunts-control-btc-at-77k-amid-new-iran-peace-deal-doubts
• https://www.coindesk.com/markets/2026/05/26/live-markets-bitcoin-on-sidelines-as-markets-surge-on-iran-peace-hopes
• https://cointelegraph.com/markets/bitcoins-cup-and-handle-pattern-targets-minimum-220k-btc-price
• https://cryptoslate.com/signal-bitcoin-60000-14-billion-liquidation/
• https://www.coindesk.com/markets/2026/05/26/bitcoin-demand-gauge-sinks-to-worst-level-since-december-as-rally-loses-spot-support
• https://www.coindesk.com/markets/2026/05/26/bitcoin-risks-another-lower-high-as-stocks-rally-ai-tokens-outperform
• https://www.coindesk.com/markets/2026/05/26/bitcoin-caught-between-critical-onchain-support-and-an-options-showdown
• https://cointelegraph.com/news/bitcoin-slides-into-high-risk-zone-as-etf-outflows-signal-institutional-exit