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NYDIG Says $1.3 Billion IBIT Trade Reveals Urgent Bitcoin ETF Exit

A $1.26 billion off-exchange sale of BlackRock's spot Bitcoin ETF, IBIT, on May 26 is believed by NYDIG to be a large directional holder making an urgent exit rather than a basis-trade unwind. The seller accepted a $29.5 million discount (2.3% below market price) to execute the block trade of 29.21 million shares immediately, prioritizing speed and certainty. NYDIG's analysis points to a concentrated Bitcoin-linked position liquidation, citing the trade's size, price concession, and absence of corresponding CME futures activity typical of a basis trade unwind. The trade occurred amidst a backdrop of net outflows from spot Bitcoin ETFs and a deteriorating technical setup for Bitcoin, which had failed to break through key resistance. The transaction was executed under specific conditions allowing for a privately negotiated block sale. Despite IBIT reporting net redemptions around the same dates, NYDIG cautions that these figures do not directly measure the block trade's impact. The seller's identity and exact motivation remain unclear, but the event demonstrates a sophisticated investor's willingness to pay a significant premium for a rapid exit.

bitcoinistAyer 16:52