According to ChainCatcher, citing Bloomberg, large bitcoin holders are moving their wealth from the blockchain to Wall Street balance sheets.
The new generation of ETFs offers crypto millionaires a new way to bring their digital wealth into the regulated financial system—without selling bitcoin, and by operating through funds run by major asset management companies such as BlackRock Inc. A regulatory change this summer opened a channel for large investors: they can hand over bitcoin to the ETF in exchange for shares of the fund. This is known as in-kind creation, which is common in most ETFs but was only approved for bitcoin products in July this year.