The U.S. Spot Bitcoin ETFs, which were launched in January 2024, are rapidly accumulating Bitcoin.
These ETFs are on track to collectively hold more BTC than Bitcoin's creator, Satoshi Nakamoto, between October 2024 and January 2025.
BlackRock's IBIT ETF is the largest holder of Bitcoin among the ETFs, followed by Grayscale.
This rapid accumulation rate shows a great deal of institutional interest in cryptocurrency.
The U.S. Spot Bitcoin ETFs were launched in January and have since amassed a staggering amount of Bitcoin.
In what is turning out to be one of the most successful ETP launches in the history of world finance, these products are now on track to collectively hold more BTC than Satoshi Nakamoto himself, the mysterious creator of the Bitcoin network.
Here’s just how big the ETF market has become.
According to recent insights from Bloomberg ETF analyst Eric Balchunas, the ten spot Bitcoin ETFs in the U.S. are massively approaching a significant milestone.
These ETFs do not hold much Bitcoin on their own. However, when combined, they hold close to a million coins.
Even more fascinating is how, at this rate of inflows, they are expected to beat the 1.1 million BTC believed to be held by Satoshi Nakamoto by October this year.
In essence, it is bound to take the ETF market a mere ten months to beat Bitcoin's creator himself.
If these ETFs were to surpass Nakamoto's holdings in October, it would highlight the growing influence of institutional crypto investment and the stark need for more products like these on the market.
According to Bitcoin lore, Satoshi Nakamoto, the person (or group of persons) who created Bitcoin, mined the first coin in 2009.
While nobody currently knows who Nakamoto is (or was), most people believe that they mined 1.1 million BTC in the early days, based on the "Patoshi pattern".
The Pentoshi Pattern, in this case, is a theory that suggests that most of the Bitcoin mining in 2009 came from a single miner using one machine.
If this theory is accurate, Satoshi's holdings are worth more than $60 billion at current prices.
The ETFs have a total of $55.34 million in net assets.
The ETF market’s performance
According to Balchunas, top fund managers like BlackRock and Fidelity have been the most successful so far, with BlackRock's IBIT accumulating more Bitcoin than any other.
This fund currently holds over 347,994 BTC, second only to Binance and Nakamoto among all institutional and governmental Bitcoin holders worldwide.
Conversely, Grayscale comes next with 232,542 BTC, while the entire ETF market's holdings sit at nearly 900,000 BTC.
According to Balchunas, the ETF market is expected to surpass Nakamoto by October.
However, the ETF market currently rakes in an average of around 37,500 Bitcoin daily.
Discounting weekends and public holidays puts the date at around January 2025 instead of October 2024.
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