The U.S. spot Bitcoin exchange-traded fund (ETF) is approaching an important milestone. They are on track to become the world’s largest BTC holders, surpassing the amount held by Bitcoin creator Satoshi Nakamoto.
Moreover, they are catching up with gold ETFs in total net assets.
Bitcoin ETF on the verge of surpassing Satoshi Nakamoto’s BTC Stash
Since its launch in January, the US Spot Bitcoin ETF has grown significantly. According to cryptocurrency analyst HODL15Capital, the fund currently holds about 10.81 million bitcoins, just below Nakamoto’s estimate of 1.1 million bitcoins.
Satoshi Nakamoto, the anonymous creator of Bitcoin, is estimated to own approximately 5.68% of the total Bitcoin supply. These holdings, valued at over $100 billion, make Nakamoto one of the richest individuals in the world if he were alive and single.
But Eric Balchunas, senior ETF analyst at Bloomberg, pointed out that the ETF is now 98% of the way to overtaking Nakamoto. He predicted this could happen by Thanksgiving if the current influx rate continues.
“The U.S. spot ETF is now 98% of the way to overtaking Satoshi as the world’s largest holder. The over/under Thanksgiving dates look good. If the next three days are like the last three days in terms of flow, it’s a done deal,” Balchunas said.
Inflows into these ETFs have increased about 97% to $3.3 billion per week over the past five trading days, with BlackRock’s iShares Bitcoin Trust (IBIT) contributing $2 billion, according to SoSoValue data. This surge coincides with the introduction of options trading on these instruments, which many believe is attracting more institutional investors.
Meanwhile, the Bitcoin ETF is also narrowing the gap with the gold ETF, which currently holds $120 billion in assets under management (AUM). Bitcoin ETFs manage $107 billion and could overtake gold ETFs by Christmas, according to Balchunas.
These optimistic predictions reflect Bitcoin’s outstanding performance in 2024. The top cryptocurrency has surged nearly 160% since January to trade near $100,000. Moreover, its market capitalization of $1.91 trillion now exceeds that of major companies such as silver and state-run oil company Saudi Aramco.
However, BTC still lags behind gold, which remains the world’s largest asset with a market capitalization of over $18 billion.
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