Wealthy Bitcoin holders are increasingly abandoning the original spirit of cryptocurrency by moving their assets into ETFs, such as BlackRock's IBIT. This shift, driven by tax benefits and recent SEC rule changes, raises concerns about the future of self-custody in the crypto space. It highlights a significant transformation in how investors approach digital assets, potentially undermining the decentralized ethos that initially attracted many to cryptocurrencies.

Wealthy Bitcoin holders are increasingly abandoning the original spirit of cryptocurrency by moving their assets into ETFs like BlackRock's IBIT. This shift, driven by tax benefits and recent SEC rule changes, raises concerns about the future of self-custody in the crypto space. It matters because it reflects a significant change in how investors view ownership and control over their digital assets, potentially undermining the foundational principles of decentralization that cryptocurrencies were built upon.