BlackRock Sees Record Demand From Bitcoin Whales Converting BTC Into IBIT Over Security Concerns According to Barron's, | Hanami
BlackRock Sees Record Demand From Bitcoin Whales Converting BTC Into IBIT Over Security Concerns
According to Barron's, BlackRock's Head of Digital Assets, Robbie Mitchnick, said demand from large Bitcoin holders seeking to convert self-custodied BTC into shares of BlackRock's spot Bitcoin ETF (IBIT) has reached record levels, primarily driven by security concerns.
The report cited approximately $3.6 billion in such conversions, with the actual total potentially higher. Through in-kind transactions, investors can exchange existing BTC holdings for ETF shares without first selling their Bitcoin on the market. These conversions represent a shift in custody arrangements rather than necessarily new capital inflows into Bitcoin.