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BlackRock's IBIT $1.26B Block Trade on May 26 Likely Represents Rapid Investor Exit, NYDIG Says

GateNews
Capital FlowStocksOn-Chain Data
IBIT0.07%
BTC-0.94%
According to NYDIG analysis cited by CoinDesk, a $1.26 billion block trade in BlackRock's IBIT on May 26 likely represented a large investor's rapid Bitcoin exit rather than a typical basis trade unwind by hedge funds. The trade executed at $43.16 per share, a 2.3% discount to the then-market price of $44.17, with execution costs of approximately $29.5 million. The discount magnitude indicates the seller prioritized speed and certainty over price optimization, NYDIG noted. The sale occurred amid continuous U.S. spot Bitcoin ETF outflows; from May 15 to 29, spot Bitcoin ETFs experienced net outflows over 11 consecutive trading days, with total assets declining from $10.775 billion to $9.417 billion.
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