According to CoinMeta, as reported by Barron's Weekly, Robbie Mitchnick, the head of BlackRock's digital assets division, stated that an increasing number of large Bitcoin holders are choosing to convert their own holdings of BTC into BlackRock's spot Bitcoin ETF (IBIT) shares. The demand for such conversions has reached a historical high, with the main motivations being asset security and peace of mind. BlackRock has observed approximately $3.6 billion in such conversion transactions, although the actual scale may be even higher. Investors can exchange BTC for ETF shares through physical subscriptions without having to sell Bitcoin in the market first. Mitchnick previously mentioned that IBIT has facilitated more than $5 billion in such conversions.