Bitcoin whales are getting a much cheaper exit from self-custody without selling their $BTC . BlackRock has reportedly cut the minimum Bitcoin required for direct in-kind swaps into its spot $BTC ETF, IBIT, from $25M to just $1M in July. Bitwise has also lowered its threshold from $100M to $3M. The mechanism is simple: investors can transfer BTC directly to the ETF and receive shares in return, avoiding the need to sell BTC first and potentially trigger capital gains taxes. Demand for this route is already accelerating. IBIT has processed more than $5B in in-kind creations, up from roughly $3B in October, according to BlackRock’s head of digital assets Robbie Mitchnick. Crypto kidnappings, hacks and custody failures are increasingly pushing large holders to reconsider self-custody. For some whales, ETF exposure may now offer a more convenient way to manage that risk. And this trend is expanding beyond Bitcoin, with issuers such as Grayscale and VanEck also supporting in-kind creations for Ether. #BTC Price Analysis# #Macro Insights#