A massive $1.26 billion block sale of BlackRocks iShares Bitcoin Trust (IBIT) has sparked discussion across the crypto market, with new analysis suggesting the transaction was driven by a large investor seeking a fast exit from bitcoin exposure rather than the unwinding of a bitcoin basis trade. According to crypto investment firm NYDIG, the transaction took place on May 26, when approximately 29.21 million IBIT shares were sold off-exchange at $43.16 per share.