Former Bitcoin maximalist and crypto analyst PlanB has moved his capital from Bitcoin holdings into spot ETFs based on the digital asset.

⚠️ Disclosure ⚠️

I have transferred my bitcoin to ETFs.

Yes I know, not your keys not your coins. But it is just easier for me to manage bitcoin the same way as equities and bonds. Also, not having to hassle with keys gives me peace of mind. I guess I am not a maxi anymore.
— PlanB (@100trillionUSD) February 15, 2025

“Yes, I know: not your keys, not your coins. But I find it easier to manage Bitcoin like stocks and bonds. Also, not dealing with keys gives me peace of mind. I guess I’m no longer a maximalist,” he wrote.

According to PlanB, ETFs are a logical step in Bitcoin adoption, following direct management through a non-custodial wallet.

Some community members criticized his decision.

Technical analyst Ali Martinez referenced the 1999 movie “The Matrix” in response.

You aren’t a maxi, you chose the blue pill, you chose the matrix! pic.twitter.com/UIuCbioWTA
— Ali (@ali_charts) February 15, 2025

“You’re not a maximalist; you took the blue pill and chose the Matrix,” he wrote.

Messari co-founder Dan McArdle pointed out that while ETFs are useful for speculation, they are not suitable for “hedging against global fiat.”

This isn't a maxi thing.

This is "why do you hold bitcoin" thing.

If you hold it as a short term speculator, ETFs are fine.

If you hold it as a hedge against global fiat, a type of deep insurance completely unavailable elsewhere, obv you need to hold your own keys.
— Dan (@robustus) February 15, 2025

When asked about tax implications, PlanB explained that in the Netherlands, there is no capital gains tax, so selling Bitcoin is not taxable. Instead, there is a “wealth tax” of about 2% per year on total assets.

Meanwhile, CoinShares reported that the recent market correction has increased investor interest in crypto fund stocks.