Large IBIT sell-off was a fire sale that paid $29M in fees: Analyst

A massive sell-off in BlackRock's spot BTC ETF (IBIT) last week was likely a fire sale by a large investor seeking a quick cash-out rather than a strategic trade, according to Coin Bureau CEO Nic Puckrin. Citing an analysis from crypto services firm NYDIG, Puckrin said on X that the transaction liquidated $1.26 billion in Bitcoin exposure in a single trade, incurring $29 million in fees alone. He added that the seller remains unidentified and the price of BTC fell 5% following the sale.