Spot Bitcoin exchange-traded funds (ETFs) in the US are approaching a major milestone. They are poised to become the largest holders of BTC in the world, surpassing even the amount held by Bitcoin creator Satoshi Nakamoto.
Furthermore, they are approaching gold ETFs in total net assets.
Bitcoin ETFs poised to surpass Satoshi reserve
Spot Bitcoin ETFs in the US have grown significantly since their launch in January. According to crypto analyst HODL15Capital, these funds now hold around 1.081 million Bitcoin, just shy of Nakamoto’s estimated 1.1 million.
Satoshi Nakamoto, the anonymous creator of Bitcoin, is believed to own approximately 5.68% of the total Bitcoin supply. These assets, valued at over $100 billion, would make Nakamoto among the richest people in the world — if he were alive and a single person.
However, Bloomberg senior ETF analyst Eric Balchunas noted that ETFs are now 98% of the way to overtaking Nakamoto. He predicted that if the current pace of inflows continues, it could happen by Thanksgiving.
US spot ETFs are now 98% of the way to overtaking Satoshi as the world’s largest holder. My Thanksgiving forecast date is looking good. If the next 3 days are anything like the last 3 days in terms of flows, it’s a done deal, Balchunas said.
Bitcoin ETF data. Source: X/HODL15Capital
Data from SoSoValue shows that inflows into these ETFs have grown by about 97% week-over-week to $3.3 billion over the past five trading days, with BlackRock’s iShares Bitcoin Trust (IBIT) contributing $2 billion. This surge coincides with the introduction of trading options for these products, which many believe is attracting more institutional investors.
BTC ETF could outperform gold by Christmas
Meanwhile, Bitcoin ETFs are also closing the gap with gold funds, which currently hold $120 billion in assets under management (AUM). According to Balchunas, Bitcoin ETFs manage $107 billion and could surpass gold ETFs by Christmas.
These bullish predictions reflect Bitcoin’s exceptional performance in 2024. The cryptocurrency is up nearly 160% since January, trading near the $100,000 mark. Furthermore, its $1.91 trillion market cap now surpasses that of silver and major corporations like state-owned oil company Saudi Aramco.
However, BTC still lags behind gold, which remains the world's largest asset with a market cap of over $18 billion.
The article Bitcoin ETFs Could Surpass Satoshi's Holdings by the End of the Year appeared first on BeInCrypto Brasil.
