Around 2% to 3% of inflows into BlackRock’s iShares Bitcoin Trust (IBIT) are coming from investors moving Bitcoin from self-custody into the spot ETF, Bloomberg analyst Eric Balchunas said. Balchunas said investors focused on Bitcoin’s inflation-resistance and currency-debasement-resistance features may increasingly view ETFs as a more attractive holding vehicle than self-custody wallets. He added that Bitcoin holders who prioritize censorship resistance remain less willing to hold the asset through an ETF, but said the share of self-custody migration could rise as IBIT’s overall subscription scale expands.