The minimum for in-kind conversions of BlackRock’s IBIT has fallen from about $30 million initially to $1 million–$2 million, with intermediaries such as Galaxy Digital, Talos, and Virtu setting the thresholds. Robbie Mitchnick, head of digital assets, said that since regulators approved in-kind creations and redemptions, about $3.6 billion has been recorded as converted into IBIT shares $BTC —and not every transaction goes through them, so the actual figure may be higher.
He cited security as the biggest motivation: institutional-grade cold storage through a custodian feels safer than holding assets on an exchange or in a hot wallet. He also mentioned the recent hack at Binance. Large holders switching to ETFs are buying custody, not exposure to market movements.
This kind of demand does not track Bitcoin’s price, and interest is now at its highest level in his experience. If that holds true, part of the ETF’s assets would provide a floor unrelated to Bitcoin’s price. The $3.6 billion is a cumulative figure; neither the starting point nor the pace was disclosed.
#比特币ETF #BlackRock
He cited security as the biggest motivation: institutional-grade cold storage through a custodian feels safer than holding assets on an exchange or in a hot wallet. He also mentioned the recent hack at Binance. Large holders switching to ETFs are buying custody, not exposure to market movements.
This kind of demand does not track Bitcoin’s price, and interest is now at its highest level in his experience. If that holds true, part of the ETF’s assets would provide a floor unrelated to Bitcoin’s price. The $3.6 billion is a cumulative figure; neither the starting point nor the pace was disclosed.
#比特币ETF #BlackRock