Bitcoin ETFs Nearing Milestone to Surpass Satoshi’s 1.1 Million BTC
US spot Bitcoin ETFs are nearing a significant milestone, potentially exceeding Satoshi Nakamoto’s estimated holdings of approximately 1.1 million BTC by year-end. Driven by strong price performance and rising institutional interest, these ETFs are becoming major players in the cryptocurrency market and approaching gold ETFs in assets under management (AUM).
Since their launch in January, US spot Bitcoin ETFs have grown substantially, holding around 1.081 million BTC, close to Nakamoto's stash. Nakamoto is believed to possess about 5.68% of the total Bitcoin supply, valued at over $100 billion. Analysts predict that if the current growth trend continues, ETFs could surpass Nakamoto’s holdings by Thanksgiving.
Bloomberg Senior ETF Analyst Eric Balchunas noted that inflows into these ETFs are rapid, with them reaching 98% of the way to exceeding Nakamoto’s holdings. He stated, “At this rate, the milestone could be reached within days if inflows remain consistent.”
In the past week, Bitcoin ETFs saw a significant surge in inflows, increasing by 97% week-on-week to $3.3 billion. BlackRock’s iShares Bitcoin Trust contributed $2 billion to this amount. This increase is attributed to the introduction of options trading for these ETFs, attracting more institutional investors, indicating a shift in mainstream adoption of Bitcoin as an investment asset.
Bitcoin ETFs are also catching up to gold ETFs in AUM. Currently, gold ETFs manage $120 billion, while Bitcoin ETFs stand at $107 billion. Analysts suggest that Bitcoin ETFs might surpass gold ETFs by Christmas, marking another significant achievement in the crypto sector.
Bitcoin's performance this year has been critical to this growth, surging nearly 160% since January, trading close to $100,000, and reaching a market capitalization of $1.91 trillion. This value positions Bitcoin above silver and larger than companies like Saudi Aramco, though it still trails behind gold, which has a market capitalization exceeding $18 trillion.
These developments highlight Bitcoin’s increasing appeal among institutional investors and its growing role as a competitor to traditional assets like gold. As Bitcoin ETFs gain traction, their influence on the broader financial landscape becomes increasingly evident.