According to CoinMeta, Blackstone Group announced that it has reduced the minimum Bitcoin conversion amount for its Bitcoin trust (IBIT) from $25 million to $1 million, marking a 96% decrease in the threshold. Robert Michelnick, head of Blackstone's digital assets, stated that this adjustment allows investors holding $1 million in Bitcoin to proceed with the conversion process through authorized participants. This move comes at a time when the Bitcoin market is facing additional capital outflows; on August 10th, the US spot Bitcoin market recorded a net outflow of $144.6 million, with Blackstone's portfolio ($BJWKEEP_00005__) seeing an outflow of $53.6 million and Fidelity's ($BJWKEEP_00006__) seeing an outflow of $40.3 million. Michelnick also mentioned that despite recent capital outflows, Blackstone has not observed any signs of panic among its investors; instead, they are more focused on long-term holdings.