《BlackRock U.S. Equity ETF Head: Whales Buy ETFs Mainly for Collateralized Lending, Bitcoin Volatility Drops to 35%–40%》 (Compiled & Translated by Deep Tide TechFlow) This article is based on an interview with Jay Jacobs, Head of U.S. Equity ETFs at BlackRock, analyzing how Bitcoin ETFs expand institutional and advisor participation, drive Bitcoin financialization, and the structural reasons behind Bitcoin's volatility dropping from around 80 to 35–40. Jacobs stated that one of the primary reasons whales hold Bitcoin through ETFs is for collateralized lending and overlay option strategies. The threshold for physical creation and redemption has dropped to around $1.5 million. BlackRock is currently focusing on developing ETF products around Bitcoin and Ethereum, meeting yield demands through staking and covered call options. The interview also touched on topics such as incorporating AI into macro research frameworks, long-term bottlenecks in supply chain expansion, and the need for investors to pay attention to product structure, holdings, and liquidity as the number of ETFs increases, rather than just focusing on the name. Read the full article: https://(wublock123.com)/articles/blackrock-bitcoin-etf-whales-buy-to-stake-collateralize-assets-59556