BlackRock sees record Bitcoin whale demand for IBIT conversions despite ETF outflows

BlackRock has reported record demand from large Bitcoin holders seeking to convert their cryptocurrency into shares of its iShares Bitcoin Trust (IBIT), with security concerns driving approximately $3.6 billion in reported transactions. Summary BlackRock reports approximately $3.6 billion in Bitcoin-to-IBIT conversions, driven primarily by investors’ growing security concerns. Robbie Mitchnick said demand for Bitcoin conversions has reached record levels despite recent cryptocurrency volatility. BlackRock’s IBIT recorded $213.2 million in outflows on November 9, extending its seven-session withdrawal streak. The SEC authorized in-kind cryptocurrency ETF creations and redemptions in July 2025 through approved intermediaries. Grayscale expanded in-kind transfers across ten digital asset products, including Bitcoin, Ethereum, Solana and XRP. According to Robbie Mitchnick, BlackRock’s head of digital assets, demand for in-kind Bitcoin conversions has continued growing despite recent cryptocurrency price declines. Speaking to Barron’s on November 9, Mitchnick said investors increasingly prefer holding Bitcoin exposure through regulated investment products instead of managing large crypt...