Analysis: Last week's $1.26 billion block trade in IBIT was likely a rapid exit by a major investor.

CoinFeed reported on June 1st that, according to CoinDesk, NYDIG analysis suggests that last week's $1.26 billion block trade on BlackRock's IBIT was more likely a large investor quickly exiting its Bitcoin exposure than a typical hedge fund basis trade closing. The trade was executed on May 26th at $43.16 per share, a 2.3% discount to the market price of $44.17 at the time, with an execution cost of approximately $29.5 million. NYDIG stated that the discount indicates the seller prioritized speed and certainty over price maximization. If this was a basis trade closing, the discount would significantly reduce the strategy's expected returns. CME Bitcoin futures saw only 91 contracts traded within the execution minutes, without any unusually high volume.