It looks like U.S. spot Bitcoin ETFs are about to hit a major milestone, as Bloomberg’s Eric Balchunas thinks that Bitcoin held by these funds could cross the one million BTC threshold by next Wednesday. This means that ETF issuers could overtake Satoshi Nakamoto’s alleged 1.1 million BTC holding by mid-December – a huge moment for the cryptocurrency world.
This timeline is picking up speed thanks to the current trend of adding about 17,000 BTC per week to these ETFs. But market conditions could change this, either pushing it back or speeding it up.
Right now, the combined holdings of Bitcoin ETF issuers are around 983,334 BTC, with BlackRock and Grayscale being the biggest contributors. BlackRock’s ETF accounts for 41.5% of the total ETF BTC holdings, while Grayscale contributes 25.9%.
COUNTDOWN: US spot ETFs are scheduled to hit 1 million bitcoin held by next Wed and pass Satoshi by mid-December (before their first birthday, amazing). They’ve been adding about 17k btc a week. That said, anything can happen, eg a violent selloff and all this is delayed albeit… pic.twitter.com/lsU1xSP2Zd
— Eric Balchunas (@EricBalchunas) October 29, 2024
Who will become new ‘Satoshi’?
This quick accumulation by Bitcoin ETFs has made them some of the top holders of BTC around the world.
Right now, Satoshi Nakamoto is still at the top, with an estimated 1.1 million BTC, while Binance – the world’s largest crypto exchange – holds 667,526 BTC. Closing out the top three, BlackRock, a major player in the ETF race, is in the running, with around 408,237 BTC under its management.
Some other entities, like MicroStrategy and even the U.S. government, may form a possible competition to Satoshi’s BTC holdings in the future. But it looks like ETFs are now closest to reaching this benchmark, thanks to growing interest and the chance to build up faster if the market mood becomes even more positive.
