[Analysis: Last Week's $1.26 Billion IBIT Block Trade Likely a Rapid Exit by a Major Investor] According to CoinDesk, NYDIG analysis indicates that the $1.26 billion block trade in BlackRock's IBIT last week is more likely a rapid exit by a major investor reducing Bitcoin exposure, rather than the unwinding of a typical basis trade by a hedge fund. The trade was executed on May 26 at $43.16 per share, a 2.3% discount to the then-market price of $44.17, with an execution cost of approximately $29.5 million. NYDIG stated that the discount suggests the seller prioritized speed and certainty over price maximization. If this were a basis trade unwinding, the discount would significantly reduce the expected returns of the strategy. During the minute of execution, only 91 contracts of CME Bitcoin futures were traded, with no abnormal volume spikes observed.