BlackRock Bitcoin ETF Sees $1.26B Sale

A substantial $1.26 billion sale of BlackRock's iShares Bitcoin Trust (IBIT) likely represents a large investor's swift exit from bitcoin exposure, according to analysis by NYDIG. The transaction occurred at a 2.3% discount, indicating the seller prioritized speed and certainty over maximizing price. NYDIG refuted theories that the sale was a typical basis trade unwind, citing the significant discount and a lack of corresponding unusual activity in CME bitcoin futures. This large sale coincides with a period of sustained outflows from U.S. spot bitcoin ETFs and a general decline in bitcoin's price.