Is Bitcoin a 'Buy' Right Now? BlackRock Slashes ETF Swap Minimum 96% From $25M to $1M

BlackRock has reduced the minimum Bitcoin-to-IBIT in-kind conversion from $25 million to $1 million, a 96% decrease. This lowers the barrier for large holders to move their Bitcoin into the ETF structure. Bitcoin has recovered to the $78,000–$80,000 range after falling over 50% from its 2025 peak. While some investors may view this as a buying opportunity, others caution against treating the $5 billion in recent conversions as fresh demand for Bitcoin.

The SEC's approval of in-kind conversions in July 2025 has made the ETF structure more accessible to large holders and institutions. Experts project Bitcoin could reach $125,000 by year-end 2026, $150,000 by mid-2027, and $300,000 by 2029 under a bullish scenario. However, they also note that Bitcoin has a long way to go to reach its 2025 peak.

For long-term investors, the focus should be on how Bitcoin fits within a diversified portfolio and whether they can tolerate significant price swings.