Bitcoin volatility has declined from roughly 80 to 35–40 as participation, exchange-traded products, options, liquidity and long-term ownership have expanded, according to Jay Jacobs, BlackRock’s U.S. Head of Equity ETFs. The shift is making Bitcoin ETFs increasingly useful to large holders seeking collateralized borrowing, hedging tools and portfolio flexibility rather than simply exposure to the asset. BlackRock’s IBIT creation basket was worth about $1.73 million on Sept. 17 and contained 22.65 BTC, close to Jacobs’ stated practical threshold of roughly $1.5 million. IBIT had approximately $59.87 billion in net assets, 1.382 billion shares outstanding and a 0.25% sponsor fee. BlackRock’s crypto lineup also includes ETHA, ETHB and BITA, covering spot exposure, staking (locking crypto to earn rewards) and options-based income strategies. SEC rules have allowed in-kind creations and redemptions for authorized crypto ETP participants since July 2025. Jacobs said lower volatility does not eliminate Bitcoin’s risk or guarantee gains, while BlackRock continues to frame the asset as potentially beneficial during concerns over governments, geopolitical instability or fiat-currency debasement.