🗞️ Robbie Mitchnick, Head of Digital Assets at BlackRock, announced that demand from large investors to convert their Bitcoin holdings—stored in their own wallets—into shares of the company’s spot Bitcoin ETF, IBIT, has reached record levels. According to Barron’s, one of the primary reasons behind this demand is investors’ security concerns about holding assets in their own wallets. The report noted that such conversions have reached approximately $3.6 billion, with the actual amount potentially being higher. Through these transactions, investors can directly exchange their Bitcoin holdings for ETF shares without needing to sell Bitcoin on the open market. These transactions do not necessarily indicate new capital inflows into Bitcoin; rather, they signal a shift in how investors are choosing to store their assets. #BlackRock #Bitcoin $BTC #BitcoinETF #IBIT
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