BlackRock Sees Record Demand from Bitcoin Whales to Convert BTC into IBIT Over Security Concerns According to Barron's, BlackRock Head of Digital Assets Robbie Mitchnick said demand from large Bitcoin holders seeking to convert self-targeted BTC into shares of the BlackRock Spot Bitcoin ETF (IBIT) has peaked, largely driven by security concerns. The report cited roughly $3.6 billion in such conversions, with the total likely to be higher. Through these types of transactions, investors can exchange existing BTC shares for ETF shares without first selling their bitcoins on the market. These conversions represent a change in custody arrangements and not necessarily new capital flows to Bitcoin.

BlackRock Sees Record Demand from Bitcoin Whales to Convert BTC into IBIT Over Security Concerns According to Barron's, BlackRock Head of Digital Assets Robbie Mitchnick said demand from large Bitcoin holders seeking to convert self-targeted BTC into shares of the BlackRock Spot Bitcoin ETF (IBIT) has peaked, largely driven by security concerns. The report cited roughly $3.6 billion in such conversions, with the total likely to be higher. Through these types of transactions, investors can exchange existing BTC shares for ETF shares without first selling their bitcoins on the market. These conversions represent a change in custody arrangements and not necessarily new capital flows to Bitcoin.