A massive $1.26 billion sale of BlackRock’s IBIT was likely a rapid exit by a large investor

NYDIG, meanwhile, rejected the basis-trade theory, citing the large discount and the lack of an unusual spike in corresponding CME bitcoin futures volume. What to know : A $1.26 billion block sale of BlackRock’s IBIT shares was likely a rapid exit by a large investor, not an arbitrage unwind, according to NYDIG. The seller of the $1.26 billion IBIT block accepted a 2.3% discount ($29.5 million loss), signaling a priority on speed and certainty over maximizing price. NYDIG rejected the "basis trade" theory, citing the large discount and the lack of an unusual spike in corresponding CME bitcoin futures volume.(Coindesk)