🐳 Whales Trade Cold Wallets for Wall Street Convenience

Some of Bitcoin’s biggest holders are moving billions into ETFs after July’s rule change allowing tax-free, in-kind transfers.

BlackRock alone has converted over $3B of physical Bitcoin into $IBIT shares, while Bitwise and Galaxy see growing demand.

These “portfolio trades” let investors swap their Bitcoin for ETF shares, retaining exposure while gaining TradFi perks like collateral use, loans, and easier estate planning.

It marks a major shift: whales once financially off-grid are now embracing Wall Street’s convenience, security, and legitimacy.