PANews reported on June 1st that, according to CoinDesk, NYDIG analysis suggests that last week 's $1.26 billion block trade at BlackRock's IBIT was more likely a large investor quickly exiting its Bitcoin exposure than a typical hedge fund basis trade closing. The trade was executed on May 26th at $43.16 per share, a 2.3% discount to the market price of $44.17 at the time, with an execution cost of approximately $29.5 million.

NYDIG stated that the discount indicates sellers prioritized speed and certainty over price maximization. If this was a basis trade closing out, the discount would significantly reduce the strategy's expected returns. CME Bitcoin futures saw only 91 contracts traded within the execution minutes, with no unusually high volume. This sale comes amidst a period of continuous outflows from US spot Bitcoin ETFs, with net outflows for 11 consecutive trading days from May 15th to 29th, reducing total assets from $107.75 billion to $94.17 billion.