Block Trade

Glossary · Market Structure

A block trade is a large transaction negotiated away from the public order book — through an OTC desk, a broker or a venue's block facility — and printed afterwards, so that the size does not move price on the way in. Blocks are how institutions and whales actually transact; the public tape sees them late or not at all.

"The 2,000 BTC buy you are waiting to see on the chart happened over the phone at 9am, and the chart will find out when it is convenient."

On derivatives venues, block trades are reported after execution with a flag, which is how large options positions become visible. In spot, a block is usually an OTC desk matching a buyer and seller and settling on-chain, which shows up as an exchange outflow or a labelled transfer rather than a print. Our whale feed watches those labelled on-chain moves precisely because size rarely announces itself in the book.

The trap is inferring direction from a block's existence: a 5,000 BTC outflow from an exchange may be a purchase, a custody move or collateral shuffling, and our own study found on-chain whale moves do not predict direction. What they do predict is activity — volatility follows size — so treat a block as a reason to expect movement and size for it, not as a side to take.

Labelled whale transfers, live

Related jargon

Questions

What is Block Trade in crypto trading?

A block trade is a large transaction negotiated away from the public order book — through an OTC desk, a broker or a venue's block facility — and printed afterwards, so that the size does not move price on the way in. Blocks are how institutions and whales actually transact; the public tape sees them late or not at all.

How would a trader say it?

The 2,000 BTC buy you are waiting to see on the chart happened over the phone at 9am, and the chart will find out when it is convenient.

Part of the Crypto Jargon glossary — every term, decoded the way a trader would say it.

Crypto Jargon

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