BlackRock Bitcoin ETF Can Overtake Satoshi Nakamoto BTC Holdings In A Year

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As a seasoned researcher who has witnessed the meteoric rise of cryptocurrencies and the traditional financial sector merging at an unprecedented pace, I find myself awestruck by this latest development. The potential of BlackRock’s Bitcoin ETF (IBIT) overtaking Satoshi Nakamoto’s BTC holdings is nothing short of revolutionary.

As someone who has been closely following the evolution of cryptocurrencies for several years, I am truly fascinated by BlackRock’s recent foray into the world of Bitcoin ETFs. Having witnessed the rise and fall of numerous digital currencies, I can confidently say that this move by the world’s largest asset manager is a significant milestone in the maturation of the cryptocurrency market.

BlackRock Bitcoin ETF to Overtake Satoshi Nakamoto?

According to Eric Balchunas, a strategist at Bloomberg ETF, here’s the current ranking of the top Bitcoin (BTC) owners globally:

Balchunas pointed out that IBIT is projected to rank as the leading Bitcoin fund in approximately a year. Notably, other significant US Bitcoin ETFs such as Fidelity’s FBTC and Grayscale’s BTC and GBTC funds are also among the top Bitcoin holders. Balchunas further suggested that the collective ownership of these three funds could potentially surpass Satoshi Nakamoto’s Bitcoin holdings by October this year.

It wasn’t known that US Exchange-Traded Funds (ETFs) are projected to surpass Satoshi in bitcoin ownership by October. Currently, BlackRock ranks third, but is on course to take the top spot by the end of next year and may hold that position for a significant period afterwards, according to Shaun Edmondson.

— Eric Balchunas (@EricBalchunas) August 12, 2024

Bitcoin ETF inflows and outflows have been unpredictable, with significant withdrawals happening over the last week. However, this current week started positively as US Bitcoin ETFs reported approximately $27 million in inflows on August 13. Ark Invest’s ARKB had the highest inflows at around $35.4 million, followed closely by BlackRock’s IBIT with $13.4 million. On the flip side, Bitwise’s BITB experienced outflows totaling about $17.1 million, and Grayscale’s GBTC saw outflows of approximately $11.8 million.

Bitcoin Recovery Before US CPI

1. The price of Bitcoin climbed by 1.5% to reach $60,000 as traders covered their short positions prior to the upcoming US CPI data release. This data, which will be released for July, holds significant importance as it could influence the Federal Reserve’s decision regarding interest rate cuts in September. At present, there is an equal chance (50-50) that the Fed might implement either a 25 basis point or a 50 basis point reduction in interest rates during September.

Even amidst the market’s instability, crypto investment funds managed to garner a total of $176 million in new investments during the past week. The main catalyst for this growth was the introduction of an Ethereum-focused Exchange Traded Fund (ETF).

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2024-08-13 10:04