Bitcoin 'Doesn't Move Anymore,' Says Scaramucci, But He 'Liked' BlackRock's Dark Pool Trade

• Anthony Scaramucci said on Saturday he liked last week’s BlackRock’s $1.3 billion IBIT dark pool trade,
• He said that it demonstrated Bitcoin’s “tremendous liquidity” and showed the market was continuing to mature.
• Galaxy Digital CEO Mike Novogratz said Bitcoin currently lacks a compelling narrative, arguing that investor attention has shifted toward AI and memory stocks, even as crypto regulation advances.

Anthony Scaramucci said on Saturday he “liked” the nearly $1.3 billion dark pool block trade in BlackRock's iShares Bitcoin Trust (IBIT), arguing that the transaction highlighted the depth of liquidity in Bitcoin (BTC) markets.

Speaking on the SALT podcast alongside Galaxy Digital (GLXY) CEO Mike Novogratz, the SkyBridge Capital founder Scaramucci  said the block trade showed there was a “tremendous amount of liquidity” around Bitcoin. He added that the transaction also proved that “Bitcoin markets are continuing to mature,” despite uncertainty over the cryptocurrency's near-term direction.

The comments came after a roughly $1.3 billion IBIT dark pool block trade on Tuesday, a transaction seen as one of the largest institutional Bitcoin exchange-traded funds (ETFs) trades ever recorded. Dark pool trades are usually negotiated privately by institutional investors, without impacting market prices immediately. 

Bitcoin Remains Stuck

Despite growing institutional participation, Bitcoin has struggled to build momentum in recent weeks. Scaramucci said the market was now dealing with an "uncorrelated” Bitcoin, arguing that BTC was down roughly 40% from its peak of over $126,000, and that it “doesn't move anymore" despite major developments across the industry. 

Bitcoin’s price was trading around $73,823, up by 0.6% over the past 24 hours but down almost 4% over the past week. On Stocktwits, the retail sentiment around BTC remained in the ‘extremely bearish’ zone, while chatter around it stayed in the ‘normal’ levels over the past day. 

Market Progress Fails To Ignite Bitcoin

Despite signs of growing institutional participation, Novogratz argued that Bitcoin still faces a narrative challenge.

The Galaxy Digital CEO said that Bitcoin currently lacks a compelling narrative and that investors have increasingly shifted their attention toward artificial intelligence (AI) and other momentum-driven themes like memory stocks. Crypto, he argued, has gotten caught “in between stories.”

Novogratz also pointed to the ongoing progress of the CLARITY Act, describing it as beneficial to both the industry and the broader economy. “I haven’t seen a bill with as much effort that's been put into it as this one,” Novogratz said, adding that the legislation would be “good for the industry,” as well as for Democrats.

However, Novogratz noted that regulatory momentum often gets close to the “finish line,” but then, something else happens, making it difficult for Bitcoin to sustain investor attention even as policy progress continues.

Additionally, despite the recent weakness, CryptoQuant founder Ki Young Ju said Bitcoin's current market cycle could extend until early 2027. He argued that historical profit-taking phases typically last around 18 months and said on-chain data has yet to show the conditions normally associated with a durable trend reversal. 

Read also: 'Ethereum Wins The Scoreboard,' Says SharpLink CEO, Comparing ETH's Long Game To Bezos's Amazon Bet

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