CoinWorld News reports that NYDIG’s analysis says the $1.26 billion block trade involving BlackRock’s iShares Bitcoin Trust (IBIT) this week may have been driven by a large investor seeking a quick exit from Bitcoin exposure, rather than a typical hedge fund trading strategy unwind. The trade took place on May 26, with 29.21 million shares of IBIT executed off-market at $43.16 per share, a $1.01 discount versus the prevailing market price of $44.17 at the time—representing a 2.3% discount—with an execution cost of approximately $29.5 million. NYDIG said the size of the discount indicates that the seller prioritized certainty and speed over maximizing price. It was reported through the FINRA/NASDAQ TRF Carteret facility, which is commonly used for privately negotiated over-the-counter transactions. NYDIG also noted that IBIT’s holdings are equivalent to about 3,700 CME Bitcoin futures contracts, but in the specific minute when the trade was executed, only 91 contracts were traded, and futures trading volume did not surge abnormally.

IBIT0.07%

BTC-1.31%

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Frost-ColoredCubeCity

· 2h ago

3,700 contracts worth of positions, IBIT scale is indeed large

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GateUser-8f9ccfec

· 8h ago

The seller is obviously eager to sell quickly; otherwise, who would be willing to sell at a discount?

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WatercolorGlassBottle

· 10h ago

CME is 91 contracts per minute, truly calm compared to IBIT holdings.

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SandwichDodger

· 11h ago

Block trades do not impact the open market; the design is quite clever.

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GaslightPoet

· 11h ago

A 2.3% discount is considered mild; in a panic sell-off, the decline would be much more than this.

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SudoSoul

· 11h ago

A 2.3% discount for certainty; this move by institutions is quite pragmatic.

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ByteSizedAlpha

· 11h ago

$43.16 transaction price, slightly below the current price but not much

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DepegDaydream

· 11h ago

This volume can be quietly absorbed OTC, and the market depth can be

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OffshoreWindOrder

· 11h ago

Institutional players and retail investors truly have different mindsets

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GlassDomeBaskingInMoonlight

· 11h ago

Carteret Trading Report, I learned a new term again

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NYDIG: Blackstone IBIT $1.26 billion block trade may facilitate quick exit for large investors

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