NYDIG suggests $1.3B IBIT sale was whale exiting directional trade
A $1.26 billion block trade in BlackRock’s iShares Bitcoin Trust likely reflected a large holder quickly exiting a concentrated bitcoin-linked position, according to NYDIG’s Greg Cipolaro. The seller used a dark pool and accepted a $1.01 discount to the market price, sacrificing about $29.5 million for immediate execution, which Cipolaro said pointed to urgency and a directional exit rather than a basis-trade unwind. The motive is still unclear: possibilities include forced selling, redemption pressure, balance-sheet constraints, or a deliberate de-risking. Bitcoin fell 2.8% that day, but the market absorbed the trade relatively well. U.S.-listed bitcoin ETFs have now seen 11 straight days of net outflows, totaling more than $2.9 billion since May 14, alongside weakening sentiment in crypto markets.
