Whales Flock to BlackRock's Bitcoin ETF, Pouring in $5 Billion

BlackRock's Bitcoin ETF (IBIT) has seen a significant influx of $5 billion in conversions from direct Bitcoin holdings to ETF shares over the past few months.

This marks a sharp increase from the $3 billion recorded in October last year, with BlackRock cutting its minimum for private in-kind creations on its Bitcoin ETF from $25 million to $1 million in July this year.

According to Robbie Mitchnick, head of digital assets at BlackRock, 'It's going to keep growing because we keep expanding the access.'

The trend is also evident with Bitwise's BITB and Morgan Stanley's MSBT, which have attracted almost 5% to 7% of their total assets under management through Bitcoin-to-ETF swaps.