Bitcoin Whales Abandon Self-Custody for Traditional Finance

A shift in the Bitcoin landscape is underway as long-time whales, once staunch proponents of self-custody, are increasingly turning toward the comforts and convenience offered by traditional finance. BlackRock has facilitated substantial conversions of Bitcoin spot positions into exchange-traded funds (ETFs), offering a gateway to broader wealth management tools. This trend coincides with a rising interest in ETFs, raising questions about whether self-custody is declining.