A single counterparty unloaded 29.21 million shares of BlackRock's spot Bitcoin ETF (IBIT) in an off-exchange block trade on May 26, worth roughly $1.26 billion. The seller accepted a $1.01-per-share discount — a 2.3% concession below the $44.17 market price — to get the deal done. NYDIG's analysis of the trade concluded it was most likely a large directional holder exiting a concentrated position, not a basis-trade unwind.
How the trade happened
The block traded as an off-exchange TRF trade with Rule 611 trade-through exemption and Intermarket Sweep Order designations. That means it was privately negotiated for execution certainty, not price improvement. The size alone — 29.2 million shares — exceeds any single holder disclosed in the latest 13F filings, which top out at roughly 10 million shares. NYDIG noted that the large price concession is a hallmark of a seller who wants out fast, not someone arbitraging futures.
Why NYDIG rules out a basis trade
If this were a basis trade, you'd expect a corresponding spike in CME Bitcoin futures volume. Total CME Bitcoin futures volume on May 26 was about 8,630 contracts. But in the 10:30–10:31 minute window, only 91 contracts traded; the adjacent minute saw 93. No visible surge. NYDIG says that absence, combined with the block's size and discount, makes a directional exit the far likelier story.
A broader selloff in Bitcoin ETFs
The block landed after six consecutive sessions of net outflows from US spot Bitcoin ETFs starting May 15. Those outflows totaled about $1.55 billion, with IBIT shouldering $1.1 billion of that. Over the same period, Bitcoin failed to break above its 200-day moving average near $82,000–$82,500 in early May and fell below it. The 14-day RSI slid from around 70 to the mid-30s. Bitcoin was trading at $72,891 at the time of this article.
The seller remains unknown
Who sold? Public data can't say. NYDIG cautions that ETF creations and redemptions can obscure gross activity — IBIT reported net redemptions of $720 million across May 26 and May 27, but the NAVs on those dates were below the block price of $43.16. The seller could have been forced out by redemptions or risk limits, or made a discretionary decision to bail. The data alone won't tell, and the counterparty hasn't come forward.
What's clear is that the market absorbed the block without a full panic, but the timing — during a multiweek selloff — raises the question of whether other big holders are rethinking their positions. There's no public indication of a second block, but the industry is watching the next round of 13F filings for clues.
