According to Robbie Mitchnick, BlackRock's head of digital assets, on November 9 the company's spot Bitcoin ETF IBIT reached a record level of cumulative conversions, with approximately $3.6 billion in existing Bitcoin converted from direct holdings into IBIT shares since July 2025. These conversions represent existing coins changing custody form rather than new capital entering the asset; holders deliver BTC and receive fund shares without expanding Bitcoin's circulating supply. The swap wave reflects investor demand to shift custody risk from self-management to institutional service providers, eliminating the operational burden of private key management while maintaining price exposure.

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