Early large Bitcoin holders who accumulated cryptocurrency, often referred to as "whales," are increasingly transferring their held assets into exchange-traded funds (ETFs), with asset management companies like BlackRock actively vying for them.

BlackRock's head of digital assets, Robbie Mitchnick, stated in an interview with Bloomberg that the company has facilitated over $3 billion in such conversions into its iShares spot Bitcoin ETF (IBIT).

Mitchnick noted that after years of self-custody, many whales are recognizing "the convenience of being able to hold exposure within their existing financial advisor or private banking relationships."

This shift allows them to maintain exposure to Bitcoin (BTC) while integrating their wealth into the traditional financial system, making it easier to access a broader range of investment and lending services.

Mitchnick attributes part of this trend to the recent rule changes by the U.S. Securities and Exchange Commission (SEC), which allow crypto ETFs to create and redeem physical assets. This adjustment enables authorized participants to exchange ETF shares directly for Bitcoin instead of cash, making large-scale conversions more efficient and tax-friendly for institutional investors.

BlackRock's IBIT has become one of the most successful among the dozen or so spot Bitcoin ETFs approved in the U.S. In June, IBIT became the fastest ETF in history to surpass $70 billion in assets under management—according to Bitbo data, this figure has since climbed to over $88 billion.

The trend identified by Mitchnick highlights the growing institutionalization of Bitcoin, more than 15 years after Satoshi mined the genesis block and envisioned a system of untraceable assets based on self-custody principles.

Early Bitcoin advocates have long argued that self-custody is the only foolproof way to protect funds—a core belief encapsulated by the slogan "not your keys, not your coins."

However, the rise of spot Bitcoin ETFs and corporate treasury holdings is challenging this ideal, marking a shift towards more traditional custodial forms of ownership.

While spot Bitcoin ETFs and direct holdings do not necessarily compete—serving different types of investors—analyst Willy Woo pointed out in July that ETF demand may have diverted interest away from self-custody.

He stated that on-chain data shows self-custody Bitcoin has recently broken a 15-year upward trend, indicating a potential turning point in investor behavior.

Nevertheless, ETFs have opened the door for institutional participation in Bitcoin that was previously unattainable. This shift impacts early whales, who once drove the market through direct buying and selling.

Related: From rebates to contract points: The next stop for crypto trading incentive mechanisms

Original: “Bitcoin (BTC) Whales Quietly Embrace BlackRock ETF After SEC Rule Change”

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