Data, US-based spot Bitcoin $99,040.9 It shows that their ETFs’ total Bitcoin holdings exceed the estimated 1.1 million BTC holdings of the cryptocurrency’s pseudonymous creator, Satoshi Nakamoto. This was according to crypto analytics platform CoinGlass.
Bitcoin Portfolios of ETFs
US-based Bitcoin ETFs stand out as the largest source of Bitcoin custody in the world. BlackRock’s IBIT ETF holds the most Bitcoin among U.S. ETFs, with nearly 521,000 BTC, while Grayscale’s GBTC and Fidelity’s FBTC ETFs are second and third, respectively.
Analyst’s Assessment
On Thursday last week, ETFs’ total Bitcoin holdings surpassed Satoshi Nakamoto’s estimated holdings, prompting a massive influx of capital into the funds. Bloomberg’s senior ETF analyst Eric Balchunas stated in his post on the X platform that US spot Bitcoin ETFs are now the largest BTC holders.
Eric Balchunas said, “US spot Bitcoin ETFs have surpassed Satoshi in total and now hold more than 1.1 million BTC. They have been around more than anyone else in the world and have only been around for less than a year. “It’s mind-boggling,” he said.
Satoshi’s Bitcoin Shares
It is estimated that Satoshi Nakamoto owns 1.1 million BTC. This prediction was made by researchers who studied early Bitcoin mining patterns, specifically those who analyzed a specific mining behavior called the “Patoshi Pattern.”
Researchers state that Satoshi may have mined at least 22,000 blocks. At that time, each block brought a reward of 50 BTC, equivalent to approximately 1.1 million BTC in total.
None of these BTCs owned by Satoshi have been spent, providing further evidence that these Bitcoins belong to Satoshi.
Other Major Bitcoin Holders
Outside of ETFs, the largest Bitcoin holders include crypto exchange Binance (633,103 BTC), Michael Saylor’s MicroStrategy (402,100 BTC), and the US Government (198,109 BTC).
It’s important to note that Bitcoin ETFs have grown despite crypto markets remaining bearish for most of 2024, with total investment exceeding US$33 billion (AUD51.5 billion) since January. Almost $2.4 billion (AUD3.7 billion) was added last week alone.
These developments show that interest in Bitcoin is increasing and ETFs are becoming more adopted by institutions. Even though markets in 2024 are generally bearish, the growth of these ETFs is notable.
At the end of last month, US spot Bitcoin ETFs closed with record capital inflows.
Increasing investor interest in Bitcoin ETFs indicates that they are playing a significant role in cryptocurrency markets, increasing institutional investment confidence in Bitcoin. The fact that Satoshi Nakamoto’s estimated Bitcoin ownership and ETFs’ total Bitcoin holdings exceed each other may be an indication that crypto assets are becoming more widely accepted.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
