The Rise of the Bitcoin ETF

• Bitcoin ETFs now hold $150+ billion in AUM, matching gold ETFs that took two decades to reach the same level.

• IBIT alone reached $80 billion in just 341 days, the fastest of any ETF in history. The next closest took over 1,600 days.

• IBIT is now the 20th largest ETF in the U.S. and the youngest by far. The next youngest in the top 20 is over 12 years old.

• It’s the most profitable ETF BlackRock has ever launched, out of more than 1,100 products globally.

• Over 1,000 institutional 13F filers now hold IBIT, signaling deepening adoption from professional allocators.

From Dismissal to Dominance: BlackRock’s Bitcoin Pivot

• Larry Fink once called Bitcoin “an index of money laundering.” Today, he’s publicly endorsing it as a hedge against government debasement.

• BlackRock’s IBIT is now the firm’s most profitable ETF across its entire global lineup.

• BlackRock ETF wholesalers now pitch Bitcoin with charts on dollar debasement, turning a once-taboo topic into a standard part of their playbook.

• Meanwhile, legacy firms like T. Rowe Price that ignored Bitcoin are laying off staff and watching AUM erode.

• “You could argue Bitcoin has two eras,” Eric said. “Before ETF, and after ETF. The BlackRock filing was the turning point.”

Suitcoiners, Spitecoiners, and the New Bitcoin Buyer

• ETFs have attracted a more stable, risk-aware investor base, including financial advisors, RIAs, and thoughtful retail investors, who are adding Bitcoin as a long-term, asymmetric investment.

• “Spitecoiners” buy Bitcoin not out of ideology, but to avoid regret. They don’t want to miss the upside, even if they don’t fully understand it.

• Many advisors publicly recommend 1–2% allocations, but personally hold 20% or more. Without proper education, a larger position can lead to panic-selling during volatility.

• As Eric observes, the more time people spend studying Bitcoin’s design and monetary properties, the more likely they are to increase their allocation, rarely the reverse.

• Bitcoin ETFs are serving as the “hot sauce” in modern portfolios: a small, spicy position that can enhance returns and hedge long-term monetary risk—without requiring clients to become full Bitcoin natives.

Custody, Control, and Risk at Scale

• Most ETFs currently rely on Coinbase as their sole custodian, a setup that raises long-term risk concerns if ETF-held assets grow into the trillions.

• The group debates black swan scenarios, like a sovereign hack or insider collusion, and what would happen if Coinbase lost access to ETF-held Bitcoin.

• Eric defends TradFi custody models, noting that BlackRock and Fidelity have long track records and would take extreme precautions, but he acknowledges the concern around concentration risk.

• Michael and Brian argue that as allocations grow from 3% to 25% or more, centralized custody becomes increasingly irrational. Clients will demand more resilient structures.

• Onramp’s multi-institution custody model enters the conversation as a future path: multiple independent institutions each holding a key, with no single point of failure.

From Store of Value to Global Currency?

• The ETF legitimized Bitcoin for institutions, attracting better owners, reducing volatility, and creating a flywheel of stability and trust.

• As more investors view Bitcoin as a store of value, its volatility declines, setting the stage for it to eventually function as a usable currency.

• Eric compares Bitcoin to real estate, art, and gold: all are scarce assets, but Bitcoin is more accessible, liquid, and verifiable.

• The fixed 21 million supply becomes the ultimate draw. “Just something that the government can’t dilute—that’s powerful,” Eric notes.

• He argues Bitcoin’s rise is a rational response to unsustainable debt and long-term currency debasement. “The debt is just getting started.”

Whether you’re making an initial allocation or already have a significant position, Onramp helps you protect and grow your Bitcoin with institutional-grade custody insured by Lloyd’s of London, seamless inheritance planning, and access to financial services such as bitcoin-backed loans and IRAs.

Private client experience. Multi-institution security. Total peace of mind.

Onramp — Where Security Meets Simplicity.