Du Jun: Some family offices are converting BTC to IBIT due to exchange and cold wallet security incidents, while other institutions are shifting to physical gold.

On October 30, Du Jun stated that some family offices that had allocated to BTC and ETH based on his recommendations earlier have successively converted their BTC into BlackRock's spot Bitcoin ETF (IBIT) after experiencing centralized exchange hacks and cold wallet supply chain security incidents, while other institutions have directly sold crypto assets and shifted to purchasing traditional assets such as physical gold. He noted that it is currently even difficult to find effective ways to persuade these institutions to continue holding crypto assets.