Someone paid $29m in execution costs to dump $1.26bn of Bitcoin exposure in ONE trade. This was the massive IBIT block trade from last week that spooked the market. NYDIG analysed the trade and concluded this wasn't a strategy. It was a large investor who wanted out quickly and was willing to pay for the privilege. Bitcoin has since continued falling. US Bitcoin ETFs recorded outflows every day for two weeks straight. No one knows who it was, but BTC is already down 5% since then.