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According to Bloomberg analyst Eric Balchunas, approximately 2-3% of the funds flowing into iShares Bitcoin Trust (IBIT) come from investors migrating Bitcoin from self custody to the BlackRock ETF. Eric Balchunas stated that if investors value Bitcoin's anti inflation and anti currency devaluation properties, ETFs are more attractive than self custodial wallets, while investors who value anti censorship properties find it difficult to accept holding coins through ETFs. Eric Balchunas believes that as the overall subscription scale of IBIT increases, the proportion of self hosted migration will continue to increase.