NYDIG, meanwhile, rejected the basis-trade theory, citing the large discount and the lack of an unusual spike in corresponding CME bitcoin futures volume. A $1.26 billion block sale of BlackRock’s IBIT shares was likely a rapid exit by a large investor, not an arbitrage unwind, according to NYDIG. The seller of the $1.26 billion IBIT block accepted a 2.3% discount ($29.5 million loss), signaling a priority on speed and certainty over maximizing price. NYDIG rejected the "basis trade" theory, ci…
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