BlackRock's Robbie Mitchnick just confirmed what we already knew: people are moving $BTC into IBIT because self-custody is getting dangerous.
Kidnappings. Ransoms. Custody failures.
The $5 wrench attack isn't a meme anymore. It's a real threat vector for high-net-worth holders.
IBIT now sits at ~$50B AUM. That's not just institutional capital—it's wealthy individuals who'd rather trust BlackRock's security infrastructure than risk physical coercion or operational failures.
The irony? Bitcoin was built to remove intermediaries. Now the biggest holders are running back to TradFi rails because the real world is messier than the whitepaper.
Self-custody maximalism works until someone knows you have the keys. Then it becomes a liability.
This is why institutional products will keep eating market share. Security theater beats actual security when your life is on the line.
Kidnappings. Ransoms. Custody failures.
The $5 wrench attack isn't a meme anymore. It's a real threat vector for high-net-worth holders.
IBIT now sits at ~$50B AUM. That's not just institutional capital—it's wealthy individuals who'd rather trust BlackRock's security infrastructure than risk physical coercion or operational failures.
The irony? Bitcoin was built to remove intermediaries. Now the biggest holders are running back to TradFi rails because the real world is messier than the whitepaper.
Self-custody maximalism works until someone knows you have the keys. Then it becomes a liability.
This is why institutional products will keep eating market share. Security theater beats actual security when your life is on the line.
