FWIW I traded for a $100 bln fund and moving a 1% position would sometimes take weeks given the liquidity in the stock, size of the company and footprint you’d leave. It is incredible the market took $9 bln BTC of supply so well, and shows the depth of the BTC market now- super bullish for the sovereign reserve thesis. Regardless, the timing and speed of the execution was super suspect even if a lot of it was OTC. It’s so fishy someone who held BTC since its inception punches out in under a couple weeks during July summertime vacation, while every market was breaking out to the upside. Totally agree there was massive slippage costs, but I bet the client ordered the execution this way. No way Galaxy traders would recommend dumping BTC this way esp in the middle of the night with US markets closed. This felt like some sort of psy-op on market liquidity. Doubt he responds but would love @novogratz to comment.