PANews reported on October 21st that according to Bloomberg, large Bitcoin holders are transferring their wealth from the blockchain to Wall Street's balance sheets. A new generation of ETFs offers a new way for cryptocurrency tycoons to integrate their digital wealth into the regulated financial system through funds operated by large asset management companies such as BlackRock without having to sell.

Robbie Mitchnick, BlackRock's head of digital assets, said BlackRock has facilitated over $3 billion in such conversions. Bitwise Asset Management says it receives daily inquiries from investors about transferring their Bitcoin holdings to its wealth management platform. Michael Harvey, head of institutional trading at liquidity provider Galaxy, said the company has handled a handful of conversions so far. Mitchnick cited large Bitcoin holders' increasing appreciation for the convenience of holding Bitcoin positions within their existing financial advisor or private banking relationships as one of the reasons they choose to convert.