According to CoinMeta, according to Bloomberg analyst Eric Balchunas, approximately 2%–3% of the capital inflow into Bitcoin Trust (from IBIT) comes from investors moving their Bitcoin from self-hosted wallets to BlackRock’s ETF. He stated that if investors value Bitcoin’s anti-inflation and resistance to currency devaluation properties, ETF is more attractive than self-hosted wallets, while investors who prioritize anti-censorship properties find it difficult to accept holding coins through ETF. As the overall subscription volume for IBIT increases, the proportion of migrations from self-hosted wallets will continue to rise.