{"id":503972,"date":"2025-10-23T11:19:00","date_gmt":"2025-10-23T10:19:00","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=503972"},"modified":"2025-10-23T12:55:06","modified_gmt":"2025-10-23T11:55:06","slug":"how-bitcoin-climbs-to-140k-next-as-etf-conversions-drain-btc-supply","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/how-bitcoin-climbs-to-140k-next-as-etf-conversions-drain-btc-supply\/","title":{"rendered":"How Bitcoin climbs to $140k next as ETF conversions drain BTC supply"},"content":{"rendered":"

Some of Bitcoin\u2019s<\/a> biggest holders, popularly known as whales, are quietly moving billions of dollars\u2019 worth of coins into spot exchange-traded funds (ETFs).<\/p>\n

On Oct. 21, Bloomberg reported<\/a> that these whales executed roughly $3 billion in in-kind transfers through BlackRock\u2019s iShares Bitcoin Trust (IBIT)<\/a>. Instead of selling, they handed their Bitcoin to the ETF in exchange for fund shares, a process known as custom creation.<\/p>\n

Notably, this migration was made possible by a July 2025 SEC policy<\/a> change approving in-kind creations<\/a> and redemptions for crypto ETFs. The rule lets authorized participants deliver the underlying Bitcoin rather than cash, aligning digital-asset funds with commodity ETF practices used for gold or oil.<\/p>\n

Meanwhile, this move presents a structural shift that could redefine how the flagship digital asset functions within global markets.<\/p>\n

Bloomberg ETF analyst Eric Balchunas described<\/a> it as a turning point, noting that even long-time crypto purists recognize traditional finance\u2019s advantages.<\/p>\n

He said:<\/p>\n

“Tradfi (ETFs in particular) is more badass than crypto thinks.”<\/p><\/blockquote>\n

Why are Bitcoin whales turning to ETFs?<\/h2>\n

Nicolai S\u00f8ndergaard, a research analyst at Nansen, told CryptoSlate<\/em> that the ETF creations allow whales to defer taxes by swapping Bitcoin for fund shares.<\/p>\n

According to him, this helps these cohorts to preserve their BTC exposure without selling. He also noted that the actions are “bullish because it removes Bitcoin from circulation.”<\/p>\n

However, he pointed out that the “downside is not being able to trade 24\/7 and having to stick to normal trading hours, but it is likely that these whales aren't active traders anyway.”<\/p>\n

Meanwhile, analysts at Bitunix told CryptoSlate<\/em> that Bitcoin whales engage in these portfolio trades because the move transforms their decentralized wealth into assets recognized by traditional finance.<\/p>\n

According to them:<\/p>\n

“This marks a deeper phase of institutional integration for crypto markets. Bitcoin is evolving from an anti-establishment symbol into a regulated asset class, redefining its capital efficiency and legitimacy.<\/p>\n

For institutional players, the ETF structure enables leverage, compliance, and formal inclusion within multi-asset portfolios\u2014making Bitcoin a viable liquidity component alongside bonds and equities.”<\/p><\/blockquote>\n

However, they cautioned that this evolution comes with a trade-off. As more Bitcoin becomes locked within ETFs, the market could split into two distinct layers, \u201cregulated Bitcoin,\u201d functioning as a financialized, collateral-bearing asset, and \u201con-chain Bitcoin,\u201d maintaining its decentralized, autonomous roots.<\/p>\n

Crypto analyst Shanak Anslem Perera echoed<\/a> this view while arguing that the ETF-held Bitcoin can now be treated as marginable collateral, repo-eligible, and borrowable at rates around 4\u20136%, all while reserves remain cryptographically verifiable.<\/p>\n

Perera explained that this evolution transforms Bitcoin from a volatile trading instrument into a functional financial infrastructure capable of supporting lending and leveraged portfolios.<\/p>\n

He claimed:<\/p>\n

“This isn\u2019t ‘adoption.' It\u2019s monetary architecture rewriting itself in real time: decentralized scarcity reprogramming centralized liquidity.”<\/p><\/blockquote>\n

In addition, Wes Gray, the founder of Alpha Architect, suggested the whales might have taken these actions to protect themselves from attackers. He said:<\/p>\n

“[It is] also nice to avoid the wacko dude with a gun who shows up to your house and demands that u transfer 10 btc or it's game over.”<\/p><\/blockquote>\n

Notably, the crypto industry has seen an uptick in wrench attacks<\/a> targeting crypto holders following BTC's rise to a new all-time high this year.<\/p>\n

How will this impact Bitcoin?<\/h2>\n

Analysts at Bitfinex told CryptoSlate<\/em> that the growing wave of in-kind ETF creations is neutral to bullish in the short term but structurally bullish over the long run.<\/p>\n

They explained that this trend lays the foundation for a financial system where Bitcoin\u2019s decentralized scarcity underpins centralized liquidity.<\/p>\n

Considering this, they projected that BlackRock\u2019s iShares Bitcoin Trust (IBIT) could see its assets under management (AUM) rise from $86.8 billion to over $100 billion by November, as tax-deferred conversions continue to absorb coins from self-custody into regulated funds.<\/p>\n

While these swaps don\u2019t create new buying pressure, they expand ETF AUM mechanically, tighten the circulating supply through cold-storage custody, and solidify Bitcoin\u2019s role as institutional-grade collateral.<\/p>\n

Bitfinex added that the ETF holdings could grow by another 10\u201315% in Q4, even without significant net inflows.<\/p>\n

They noted that this dynamic may trigger a mechanical supply squeeze as the 12 BTC ETFs now hold roughly 1.35 million coins (or 6.8% of Bitcoin\u2019s circulating supply). With\u00a0fewer coins available on exchanges, the marginal inflows could have an outsized impact on price discovery.<\/p>\n

Coupled with the Federal Reserve\u2019s ongoing monetary easing (policy rates currently between 4.00% and 4.25%), this contraction in available supply could amplify upside momentum, potentially driving Bitcoin\u2019s price from around $108,000 today to roughly $140,000 by mid-2026.<\/p>\n","protected":false},"excerpt":{"rendered":"

Some of Bitcoin\u2019s biggest holders, popularly known as whales, are quietly moving billions of dollars\u2019 worth of coins into spot exchange-traded funds (ETFs). On Oct. 21, Bloomberg reported that these whales executed roughly $3 billion in in-kind transfers through BlackRock\u2019s iShares Bitcoin Trust (IBIT). Instead of selling, they handed their Bitcoin to the ETF in […]<\/p>\n","protected":false},"author":720,"featured_media":504065,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,78665,79312,79849,6849],"tags":[77954,77616,77491],"post_folder":[],"acf":[],"yoast_head":"\nBitcoin whales swap BTC for ETFs to shield wealth from threats<\/title>\n<meta name=\"description\" content=\"Institutional moves redefine Bitcoin's market role, blending decentralized origins with regulated frameworks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/how-bitcoin-climbs-to-140k-next-as-etf-conversions-drain-btc-supply\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Bitcoin climbs to $140k next as ETF conversions drain BTC supply\" \/>\n<meta property=\"og:description\" content=\"Institutional moves redefine Bitcoin's market role, blending decentralized origins with regulated frameworks.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/how-bitcoin-climbs-to-140k-next-as-etf-conversions-drain-btc-supply\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-23T10:19:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-23T11:55:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/10\/bitcoin-whale-etf.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/how-bitcoin-climbs-to-140k-next-as-etf-conversions-drain-btc-supply\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/how-bitcoin-climbs-to-140k-next-as-etf-conversions-drain-btc-supply\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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