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Cryptocurrency News Articles
Bitcoin ETFs Nearing Satoshi Nakamoto's BTC Stack, May Collectively Hold More Bitcoin than the Cryptocurrency's Mysterious Inventor by Christmas
Sep 29, 2024 at 01:25 am
After less than a year of trading on Wall Street, U.S.-listed spot Bitcoin exchange-traded funds (ETFs) are well on pace to surpass the estimated BTC
U.S.-listed spot Bitcoin exchange-traded funds (ETFs) are continuing to accumulate large amounts of the flagship digital asset. According to Bloomberg ETF analyst Eric Balchunas, the nearly a dozen ETFs now trading on American stock exchanges have amassed an astounding $17.8 billion in inflows in 2024.
This represents a record-breaking year-to-date accumulation of 916,047 BTC. That is just about 84,000 BTC away from the coveted 1,000,000 BTC milestone. The ETFs are also closing in on Nakamoto’s estimated 1.1 million BTC stash, which the world’s most elusive man mined in the infancy of Bitcoin and hasn’t touched after disappearing more than 13 years ago.
The January launch of the Bitcoin ETFs was one of the most successful ETF launches in history. Billions of dollars have hit the funds as investors previously scared off from crypto investing finally got a safe and regulated way to buy Bitcoin. The top three ETFs from BlackRock, Fidelity, and Grayscale have accumulated 359,271 BTC, 287,153 BTC, and 254,677 BTC, respectively.
In total, all the BTC ETFs need to load up on roughly 183,953 BTC to surpass Satoshi’s believed tally. If these funds continue increasing their Bitcoin reserves at the same rate, they could overtake Satoshi’s stockpile and kick him off the top.
“US bitcoin ETFs had good day yesterday pushing YTD flows to new high water mark of $17.8b,” Balchunas noted in a tweet on March 28.
“They’re now 92% of the way to owning 1million bitcoin and 83% of way to passing Satoshi as top holder. Tick tock…”
Tolou Capital Management founder Spencer Hakimian shared Balchunas’s sentiment, predicting that “ETFs are going to be bigger than Satoshi by Christmas”, to which the Bloomberg pundit agreed, adding that BlackRock’s ETF alone will at some point top the list of Bitcoin holders.
“ETFs are going to be bigger than Satoshi by Christmas. Amazing.”
Hakimian and Balchunas both agree that Blackrock’s ETF alone will eventually be the largest holder of bitcoin.
“Agreed. And BlackRock’s ETF alone will eventually be the largest holder of bitcoin. Wild,” Balchunas replied.
“Bitcoin ETF footprints getting larger. A top crypto market analyst recently posited that the fast-rising concentration of Bitcoin by spot ETFs is the main reason the United States is ‘regaining dominance in Bitcoin holdings,’ compared to the rest of the world.”
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