According to U.Today, Bitcoin exchange-traded funds (ETFs) are on the verge of surpassing Satoshi Nakamoto as the largest holders of Bitcoin by market capitalization. Data from ETF analyst Eric Balchunas indicates that these financial products are 97% of the way to reaching this significant milestone. Despite this, some experts argue that the estimated 1.1 million Bitcoins attributed to Satoshi may be overstated.
Bitcoin ETFs are also nearing a similar milestone in comparison to gold ETFs, with holdings at 97% of the latter's total. Balchunas has previously suggested that Bitcoin ETFs could potentially triple the holdings of gold ETFs, citing the appeal of Bitcoin's higher volatility as a factor. Galaxy Digital CEO Mike Novogratz has echoed this sentiment, stating that Bitcoin is more attractive to younger investors than gold and predicting that Bitcoin could surpass gold's market cap within the next decade.
Bitcoin ETFs continue to be a significant bullish factor for the cryptocurrency. Data from crypto analytics platform SoSoValue shows that Bitcoin ETFs attracted $795 million in new inflows on Wednesday, with Bitcoin's IBIT accounting for over $626 million of that amount. Additionally, spot Bitcoin ETFs have now exceeded $100 billion in net assets, marking a notable achievement for these relatively new financial instruments. CoinGecko data also reveals that Bitcoin's price reached a new record high, surpassing the $98,000 mark earlier today.
