$1.26 Billion BlackRock Bitcoin ETF Sale Signals Major Investor Exit

A large investor appears to have rapidly reduced exposure to Bitcoin after selling approximately $1.26 billion worth of shares in BlackRock’s iShares Bitcoin Trust (IBIT). The transaction involved 29.21 million shares and was executed off-exchange at $43.16 per share, below the market price of $44.17 at the time.

The sale was completed at a 2.3% discount, resulting in an estimated $29.5 million reduction in value. Market analysts believe the size of the discount suggests the seller prioritized a quick and certain exit rather than seeking the highest possible price.

NYDIG Rejects Bitcoin Basis Trade Theory

Some traders initially suggested the transaction could be linked to a basis trade strategy involving Bitcoin futures. However, research firm NYDIG disputed that view, noting there was no unusual increase in CME Bitcoin futures activity during the trade.

Bitcoin ETF Outflows Continue

The transaction comes during a period of sustained pressure on U.S. spot Bitcoin ETFs. Between May 15 and May 29, the sector recorded continuous daily outflows, while total assets under management fell from $107.75 billion to $94.17 billion.

Analysts say the identity of the seller remains unknown, but the trade highlights growing caution among some large Bitcoin investors as market uncertainty continues.