Large Bitcoin holders have exchanged part of their holdings for shares in BlackRock’s spot iShares Bitcoin Trust ETF after being confronted with kidnapping threats and custody incidents. In August 2026, BlackRock reported more than $5 billion in conversions, while the minimum threshold for in-kind transactions was lowered from $25 million to $1 million in July. These conversions were part of $15.3 billion in Bitcoin received in kind by IBIT during the first nine months of 2026. Meanwhile, U.S. spot Bitcoin ETFs recorded $1.28 billion in net outflows between November 2 and 6, bringing their year-to-date balance to approximately negative $914 million.
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