Yigit Taha OZTURK 
A strong advocate of self-custody in the crypto world, PlanB has made a surprising decision by transferring all his Bitcoin into spot Bitcoin ETFs.
In a post on X on February 15, PlanB explained that his reason for moving his Bitcoin into spot ETFs was to manage them like stocks and bonds. He stated that he wanted to avoid the complexity of managing private keys, saying:
“I guess I am not a maxi anymore.”
No Hassle with Private Keys = “Peace of Mind”
PlanB mentioned that not having to deal with private keys gives him peace of mind. While Bitcoin advocates strongly encourage users to hold their own private keys instead of relying on centralized exchanges, self-custody also comes with the responsibility of protecting those keys from hackers, thieves, and other threats.
In 2024, blockchain security firm Cyvers reported that hackers stole a total of $2.3 billion in 165 separate incidents, marking a 40% increase compared to 2023. For individual investors, protecting private keys has become a significant security concern.
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On the other hand, Lucas Kiely, Chief Investment Officer at Yield App, stated that from a returns perspective, spot Bitcoin ETFs, futures ETFs, and direct Bitcoin investments are essentially the same, with the only difference being ETF management fees.
Bitcoin ETFs See Massive Demand!
Demand for spot Bitcoin ETFs is growing rapidly. Bitwise Investment Chief Matt Hougan predicts that U.S. spot Bitcoin ETFs could see inflows of $50 billion in 2025.
“So far, so good. Spot Bitcoin ETFs saw $4.94 billion in inflows in January, which annualizes to around $59 billion.”
According to Hougan, Bitcoin ETF demand is expected to surpass 2024 levels.
Tax Implications and Debate
PlanB’s move to ETFs has sparked debate among his followers, with some questioning tax implications. However, the analyst clarified that his tax residency is in the Netherlands, where there is no capital gains tax on realized profits.
Instead, the Dutch tax system applies a wealth tax based on unrealized capital gains. A 6% assumed return is taxed at 30%, effectively resulting in an annual tax of around 2% of total net wealth.
PlanB’s transition to Bitcoin ETFs has stirred significant discussion in the crypto space, leaving many wondering if other major investors will follow suit.
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