Bitcoin whales move $5B into BlackRock's IBIT without selling BTC

HUGE: Large Bitcoin holders have reportedly moved around $5 billion of exposure into BlackRock's ETF through direct BTC-to-IBIT swaps.
BlackRock now allows qualifying holders to exchange Bitcoin directly for $IBIT shares starting at roughly $1 million, down from a previous $25 million threshold.
The structure lets large holders transition into regulated ETF infrastructure without first selling Bitcoin for cash.
That matters because it reduces friction for whales moving from native crypto custody into traditional financial products.
For $BTC, this creates another institutional bridge without necessarily generating the same immediate spot selling pressure as a conventional exit.