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Satoshi

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Bitcoin

Spot Bitcoin exchange-traded funds (ETFs) in the United States may soon collectively hold more Bitcoin than the cryptocurrency’s anonymous creator, Satoshi Nakamoto.
Bloomberg ETF analyst Eric Balchunas posted a chart to X on Aug. 13 showing that the ETFs now hold 909,700 Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" text="null" title="null">BTC</a>) in total, worth around $55.1 billion at its current price of around $60,500.
They’re closing in on <a href="https://cointelegraph.com/learn/who-is-satoshi-nakamoto-the-creator-of-bitcoin" text="null" title="null">Nakamoto’s</a> estimated 1.1 million BTC stash, which the mysterious creator mined in the infancy of BTC and hasn’t touched after vanishing over 13 years ago.
On average, the <a href="https://cointelegraph.com/learn/different-types-of-etfs" text="null" title="null">spot Bitcoin ETFs</a> add around 37,510 BTC to their holdings every month. At that rate, they could surpass Nakamoto’s holdings in January 2025 — a year after they first launched.
However, Balchunas thinks the funds could overtake Nakamoto’s stack as early as October.
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 <img alt="US Bitcoin ETFs ‘on track’ to top Satoshi’s BTC stack soon" name="" src="https://s3.cointelegraph.com/uploads/2024-08/tweet_1823080660765900805_20240814_085911_via_10015_io">
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 Source: <a href="https://x.com/EricBalchunas/status/1823080660765900805" text="null" title="null">Eric Balchunas</a>
 </figcaption>
</figure>
“BlackRock alone is already #3 and on pace to be #1 late next year and will likely stay there for a very long time,” Balchunas wrote.
The ETFs may have already surpassed Nakamoto’s <a href="https://cointelegraph.com/news/mt-gox-creditors-hodl-bitcoin-btc-price" text="null" title="null">total Bitcoin holdings</a>, as some estimates place the creator’s holdings as low as 600,000 BTC spread across as many as 20,000 wallets.
Related: <a href="https://cointelegraph.com/news/bitcoin-etfs-worsened-liquidity-weekend-price-swings-kaiko" text="null" title="null">Bitcoin risks ‘sharp weekend price swings’ as ETFs suck up liquidity</a>
No one has been able to put an exact number on Nakamoto’s Bitcoin holdings, as the Bitcoin creator used a fresh wallet to receive the 50 BTC reward for every block mined in the early days of Bitcoin.
Nakamoto was the biggest miner then, and the process was <a href="https://cointelegraph.com/news/miner-profitability-falls-to-record-lows-blocksbridge" text="null" title="null">much less&nbsp;resource-intensive</a>&nbsp;than it is today.
Since January, the 11 spot Bitcoin ETFs have seen combined net inflows of $17.35 billion, which includes $19.49 billion in net outflows from <a href="https://cointelegraph.com/news/crypto-etfs-expand-new-asset-types-indexes-grayscale-executive" text="null" title="null">Grayscale’s flagship ETF</a>, the Grayscale Bitcoin Trust.
BlackRock’s iShares Bitcoin Trust ETF has seen the majority of flows, accruing $20.33 billion in Bitcoin as of Aug. 12, followed by $9.72 billion of BTC flowing into the Fidelity Wise Origin Bitcoin Fund, <a href="https://farside.co.uk/btc/" text="null" title="null">according</a> to Farside Investors.
X Hall of Flame: <a href="https://cointelegraph.com/magazine/bitcoin-price-ethereum-etf-thomas-fahrer/" text="null" title="null">Bitcoin $500K prediction, spot Ether ETF ‘staking issue’— Thomas Fahrer</a>

US Bitcoin ETFs ‘on track’ to top Satoshi’s BTC stack soon

Cointelegraph

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