The recent surge in Bitcoin’s value, nearing $90,000, has sparked enthusiasm in financial markets, significantly impacting U.S. spot Bitcoin ETFs.
These ETFs are poised to potentially exceed the holdings of Bitcoin’s mysterious founder, Satoshi Nakamoto, and become the largest collective holders of Bitcoin.
Possible Surpassing of Satoshi Nakamoto’s Holdings by Bitcoin ETFs
Based on data from analyst Shaun Edmondson and Bloomberg’s Eric Balchunas, U.S. spot Bitcoin ETFs have accumulated around 1.04 million BTC—approaching Satoshi’s estimated 1.1 million BTC.
This accumulation showcases a growing institutional interest in Bitcoin, as the digital asset gains acceptance in mainstream investment portfolios.
Commenting on this trend, Edmondson highlighted,
Furthermore, Balchunas made a prediction by stating,
“ETFs now 95% closer to surpassing Satoshi as the largest holder. The countdown is on. Thanksgiving seems like a reasonable date to watch.”
Latest Bitcoin ETF Developments
As of October 28th, U.S. Bitcoin funds revealed a combined holding of 983,334 BTC, indicating an impressive accumulation of over 56,000 BTC within the last fortnight.
Additionally, recent data from Farside Investors indicates a surge in interest, with U.S. spot Bitcoin ETFs attracting a remarkable $3.4 billion in just four days post-Election Day.
Furthermore, last Thursday marked a record-breaking performance for Bitcoin ETFs, with investors injecting approximately $1.3 billion into these funds.
Specifically, BlackRock’s IBIT witnessed an astounding $1.1 billion inflow, accompanied by exceptionally high trading volumes.
According to the most recent data from Farside Investors, U.S. Bitcoin ETFs continued to observe strong inflows on November 12th, totaling $817.5 million, with IBIT claiming the lion’s share at $778.3 million.
Factors Driving this Trend
Analyst Eric Balchunas pointed out that these funds are rapidly accumulating Bitcoin at a pace of about 17,000 BTC weekly, positioning them to exceed Satoshi Nakamoto’s estimated holdings by December 2024.
It is suggested that Donald Trump’s election victory has also contributed to this accelerated accumulation.
Nevertheless, some argue that the election is not the sole factor at play, with the fourth Bitcoin halving also playing a substantial role, as emphasized by Jesse Myers, the co-founder of OnrampBitcoin.