Bitcoin Whales Swap Billions Into BlackRock IBIT Amid Broad ETF Outflows

Large Bitcoin holders have swapped between $3.6 billion and over $5 billion in self-custodied Bitcoin into BlackRock's iShares Bitcoin Trust (IBIT) via in-kind conversions. Investors are seeking institutional custody to mitigate physical security risks, home invasions, and kidnappings. The surge in migrations comes despite substantial cash withdrawals from spot Bitcoin funds. IBIT posted a $213.2 million net outflow on November 9, extending a seven-session outflow streak totaling roughly $1.66 billion since October 30. Broad US spot Bitcoin ETFs face possible net annual outflows, logging $26.1 billion in redemptions against $25.6 billion in cash inflows year-to-date.