Bitcoin Whales Are Turning to BlackRock for Security
BlackRock (
@BlackRock) says demand from large Bitcoin holders converting $BTC into IBIT shares has hit record levels.
Head of Digital Assets Robbie Mitchnick cited roughly $3.6 billion in conversions.
Many investors are seeking institutional custody over self-custody due to security concerns. These transactions do not necessarily represent fresh money entering Bitcoin.
Meanwhile, separate reports show BlackRock recently transfered $213.23 million in Bitcoin and $118.28 million in Ethereum $ETH. The transfers total $331.51 million and come amid ETF redemption pressure.
Source: Barron's