Approximately $3 billion in Bitcoin was transferred to BlackRock’s iShares Bitcoin Trust (IBIT) around the end of 2025, marking the first decline in self-custodied Bitcoin in approximately 15 years of continuous growth. Long-term major holders are moving their assets from personal wallets to regulated financial products for tax optimization and compliance benefits. This structural shift reduces Bitcoin available for peer-to-peer transactions while concentrating larger volumes under institutional control through custodians like Coinbase Custody. MicroStrategy, for its part, sold portions of its Bitcoin holdings during this transition period.
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