Satoshi Predicted to Lose Bitcoin Crown by Christmas 🎄

In a recent X post, Bloomberg's top ETF analyst Eric Balchunas forecasts that Bitcoin ETFs could surpass Satoshi Nakamoto as the largest holders of Bitcoin by Christmas. Currently, ETF holdings stand at 938,533 BTC, with recent inflows of approximately $550 million pushing net inflows toward $20 billion.

Despite these substantial investments, Bitcoin's price has remained relatively stagnant. Balchunas notes, “Price is the net result of buyers and sellers. If ETFs are buying, it implies other holders are selling as much or more.”

David Lawant, head of research at FalconX, observed a "statistically significant" correlation of 0.30 between ETF flows and Bitcoin prices. He suggests that if the market finds a sustainable direction, this correlation may strengthen.

Stay tuned as we watch this unfolding situation!

#BTC #Debate2024 #BTCSoarsTo68K #TeslaTransferBTC #Write2Earn!