Эра самостоятельного хранения биткоина уходит в прошлое под давлением ETF The Era of Self-Custody for Bitcoin Fades Away Under ETF Pressure

The era of self-custody of cryptocurrencies is nearing its end, as major players increasingly favor ETFs. This was stated by Martin Hisbeck, the head of blockchain research at Uphold.

The shift back to traditional financial instruments is driven by tax incentives, improvements in institutional infrastructure, and the ability to manage capital through advisors while gaining access to a broader range of services, according to the expert.

«We are witnessing the first decline in Bitcoin self-custody volumes in 15 years,» he added.

Hisbeck estimates that the IBIT fund from BlackRock facilitated the conversion of the leading cryptocurrency by «whales» amounting to over $3 billion. In total, U.S. issuers absorbed coins worth $151 billion—approximately 6.8% of the total supply.

A recent change in regulations by the U.S. Securities and Exchange Commission, allowing the redemption of cryptocurrency ETFs in-kind, has also expedited this transition.

This new provision enables authorized participants to directly exchange cryptocurrency for fund shares, which is more efficient and potentially more advantageous from a tax perspective compared to cash redemption.

«This trend indicates a deeper integration of Bitcoin into the traditional financial system and a departure from the mantra of self-custody — ‘not your keys, not your coins.’ It’s yet another nail in the coffin of the original cryptocurrency concept,» Hisbeck emphasized.

Furthermore, the development of cryptocurrency trading instruments is accelerating in other major jurisdictions such as the EU, UK, and Australia.

As a reminder, in October, the Hong Kong Securities and Futures Commission approved the first spot ETF based on Solana in the region.