UPDATE: 🏦 A $1.26B block sale of BlackRock's IBIT on May 26 was likely a fast exit by a large investor, not a basis-trade unwind, according to NYDIG. https://x.com/2260491445/status/2060008994756801011

NYDIG suggests $1.3B IBIT sale was whale exiting directional trade

UPDATE: 🏦 A $1.26B block sale of BlackRock's IBIT on May 26 was likely a fast exit by a large investor, not a basis-trade unwind, according to NYDIG. https://x.com/2260491445/status/2060008994756801011

UPDATE: 🏦 A $1.26B block sale of BlackRock's IBIT on May 26 was likely a fast exit by a large investor, not a basis-trade unwind, according to NYDIG. https://t.co/bqDFtb3j78

Someone paid $29m in execution costs to dump $1.26bn of Bitcoin exposure in ONE trade. This was the massive IBIT block trade from last week that spooked the market. NYDIG analysed the trade and concluded this wasn't a strategy. It was a large investor who wanted out quickly and was willing to pay