{"slug":"what-is-a-block-trade","qid":"aapl_block_share","label":"Block-size prints vs the whole AAPL tape: July 6, 2026, with the session receipt","post_title":"What Is a Block Trade? Big Prints & the Data","post_url":"/blog/what-is-a-block-trade#q-aapl_block_share","columns":["spy_session_bars_jul06","total_prints","block_prints","block_pct_of_prints","total_volume_m","block_volume_m","block_pct_of_volume","median_trade_shares","median_trade_notional_usd"],"rows":[{"spy_session_bars_jul06":390,"total_prints":967733,"block_prints":78,"block_pct_of_prints":0.01,"total_volume_m":53.6,"block_volume_m":20.3,"block_pct_of_volume":37.8,"median_trade_shares":5,"median_trade_notional_usd":1568}],"shape":"scalar","sql":"WITH\n    (\n        SELECT countIf(window_start >= toDateTime('2026-07-06 09:30:00', 'America/New_York') AND window_start < toDateTime('2026-07-06 16:00:00', 'America/New_York'))\n        FROM global_markets.delayed_stocks_minute_aggs\n        WHERE ticker = 'SPY' AND window_start >= toDateTime('2026-07-06 00:00:00', 'America/New_York') AND window_start < toDateTime('2026-07-07 00:00:00', 'America/New_York')\n    ) AS bars_jul06\nSELECT\n    bars_jul06 AS spy_session_bars_jul06,\n    count() AS total_prints,\n    countIf(size >= 10000) AS block_prints,\n    round(100.0 * countIf(size >= 10000) / count(), 2) AS block_pct_of_prints,\n    round(toFloat64(sum(size)) / 1e6, 1) AS total_volume_m,\n    round(toFloat64(sumIf(size, size >= 10000)) / 1e6, 1) AS block_volume_m,\n    round(100.0 * toFloat64(sumIf(size, size >= 10000)) / toFloat64(sum(size)), 1) AS block_pct_of_volume,\n    round(quantileDeterministic(0.5)(toFloat64(size), toUInt64(sip_timestamp))) AS median_trade_shares,\n    round(quantileDeterministic(0.5)(toFloat64(size) * toFloat64(price), toUInt64(sip_timestamp))) AS median_trade_notional_usd\nFROM global_markets.stocks_trades\nWHERE ticker = 'AAPL'\n  AND sip_timestamp >= '2026-07-06 00:00:00' AND sip_timestamp < '2026-07-07 00:00:00'\n  AND NOT hasAny(conditions, [15, 16, 38])","computed_at":"2026-07-26T06:20:42.023300+00:00","elapsed":0.166644004}