Coin Bureau CEO Nic Puckrin stated via X (formerly Twitter) that the massive sell-off in BlackRock's spot Bitcoin (BTC) ETF (IBIT) last week "was not strategic trading, but a large investor's fire sale aimed at quick capital recovery."

Citing an analysis by cryptocurrency services firm NYDIG, he revealed, "The transaction disposed of $1.26 billion worth of Bitcoin exposure in a single trade, paying $29 million in fees alone."

He added, "The exact seller has not been identified, and the BTC price fell by 5% following the sell-off."