Bitcoin ETFs are getting closer to surpassing Satoshi Nakamoto in BTC holdings, experts say.
The growing accumulation of Bitcoin by US-approved exchange-traded funds (ETFs) has brought these investment products one step closer to Satoshi Nakamoto, the enigmatic creator of Bitcoin.
In recent months, Bitcoin spot ETFs have seen notable growth in their holdings of the cryptocurrency.
As noted by Bloomberg ETF analyst Eric Balchunas, as of September 24, 2024, these investment funds have accumulated more than 916.000 BTC, rapidly approaching the threshold of 1,1 million BTC held by Satoshi.
The proximity of spot ETFs' BTC holdings to Satoshi's
Through X, Balchunas highlighted that Bitcoin spot ETFs are just 17% away from surpassing Satoshi Nakamoto's BTC holdings, which would represent a significant change in the ownership dynamics of the market-leading cryptocurrency.
For experts, this scenario raises questions about the future of Bitcoin, the preservation of its principles and how the growing influence of exchange-traded funds could affect the crypto market in general.
In just 9 months, Bitcoin spot ETFs have managed to attract significant investment flow, reaching a total of $17.800 billion to date. This increase in investment has been driven by the growing acceptance of Bitcoin as a legitimate investment asset.
Currently, among the most prominent ETFs are BlackRock's iShares Bitcoin Trust (IBIT), which holds over 359.000 BTC, and Grayscale Investments' Grayscale Bitcoin Trust (GBC), which holds around 220.900 BTC. Both investment funds account for almost 64% of Bitcoin holdings among the 12 spot ETFs listed. operate on regulated exchanges in the United States.
BlackRock, the leading Bitcoin investment fund, added nearly 1.800 BTC to its holdings over the past two weeks, reflecting its active acquisition strategy for the cryptocurrency, as reflected in on-chain data.
Satoshi Nakamoto and his Bitcoin legacy
Satoshi Nakamoto, the pseudonym used by Bitcoin’s creator, has maintained a stash of over 1,1 million BTC since the cryptocurrency’s early days. This stock, unchanged over the years, has led to much speculation about Nakamoto’s identity and the reason behind his decision not to move these funds.
Most experts agree that this behavior, of keeping intact the bitcoins he generated in the early days of the network, reflects significant moderation and a strategy of maintaining the stability of the cryptocurrency and blockchain, rather than seeking personal gain or benefit.
Although many people have come forward as possible candidates to be Satoshi, no one has been able to convincingly and conclusively prove his identity. As such, the increasing accumulation of Bitcoin by ETF managers could pose a new dynamic in the Bitcoin ecosystem, as the possibility of these exchange-traded funds outgrowing their creator's holdings could change public perception about control and ownership of the cryptocurrency.
More and more institutional investors are entering the cryptocurrency space through spot ETFs, which are on track to become a determining factor in the evolution of the crypto market. This growing accumulation of BTC by these funds is reinforcing the legitimacy of Bitcoin as a legitimate asset, but it could also change the way Bitcoin is understood and used in the future.
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