How Close Are The Bitcoin ETFs To Surpassing Satoshi Nakamoto?

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As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous paradigm shifts and market transformations. The rapid growth and acceleration of Bitcoin ETFs is one such phenomenon that has caught my attention.

According to top ETF analyst Eric Balchunas, it’s projected that Bitcoin ETFs could amass over $90 billion in assets by mid-December, potentially surpassing the estimated Bitcoin reserves held by Satoshi Nakamoto. Furthermore, traded Bitcoin products are just 28% away from outperforming the total value of gold ETFs.

As per a recent report by Balchunas, published on Monday, Exchange-Traded Funds (ETFs) have attracted investments worth $1 billion and $5 billion in market value – within less than a year of their launch.

Bitcoin ETFs Surpass $1 Billion in Daily Inflows

Bitcoin ETFs listed in the U.S. are rapidly approaching a position where they could surpass Satoshi Nakamoto as the largest owner of Bitcoin. These funds have accumulated approximately 1.04 million BTC, accounting for about 95% of Nakamoto’s estimated 1.1 million BTC holdings, according to data provided by Shaun Edmondson and confirmed by Bloomberg ETF analyst Eric Balchunas. Balchunas predicts that US ETFs will surpass Nakamoto’s holdings around Thanksgiving.

95% progress towards surpassing Satoshi Nakamoto as the largest cryptocurrency holder, with a countdown timer now active. The Thanksgiving holiday could potentially serve as an interesting prediction for when this milestone will be reached.

— Eric Balchunas (@EricBalchunas) November 12, 2024

Yesterday, U.S. spot ETFs experienced a significant inflow of approximately $1.1 billion, as reported by Bloomberg analyst James Seyffart. This is the second-largest single day flow for this group since its inception, with only the November 7th inflow of $1.4 billion exceeding it.

Official flow numbers for the US spot #Bitcoin ETFs yesterday were $1.1 billion.

Among all days since the group’s launch, only the 7th of November saw a greater inflow of $1.4 billion; this day ranks as our second largest daily inflow.

— James Seyffart (@JSeyff) November 12, 2024

On November 12th, inflows into the Bitcoin ETF totaled approximately $1.1 billion. BlackRock’s IBIT led with inflows of around $756 million, followed by Fidelity’s FBTC with inflows of roughly $135 million.

25 minutes after the next day, BlackRock’s IBIT achieved a trading volume of over $1 billion, surpassing it swiftly, and even preceded widely-traded ETFs such as Invesco QQQ and SPDR S&P 500 ETF Trust in active trading status.

Accumulation of $3.4B in Four Days Post-Election

By October’s end, U.S. Bitcoin investment funds collectively owned approximately 983,334 Bitcoins, suggesting they had bought around 56,000 more within the last fortnight. Yet, as the US elections approached in November, Bitcoin ETFs experienced a significant outflow of $541 million, ranking as the second-largest such event on record.

Since Donald Trump won the U.S. presidential election, there has been a rapid increase in accumulation. As reported by Farside Investors, US Bitcoin Spot Exchange-Traded Funds (ETFs) have experienced an extraordinary $3.4 billion influx over a span of four days following Election Day.

Last Thursday marked the day of the group’s peak performance, as approximately $1.3 billion was invested in ETFs by investors. Notably, BlackRock’s IBIT alone contributed an impressive $1.1 billion on this day, which set a new record due to the high trading activity.

As per Balchunas’ analysis, these spot ETFs are swiftly accumulating approximately 17,000 Bitcoins each week. If this rate of acquisition persists, these funds could surpass the estimated Bitcoin holdings of Satoshi by December 2024.

Edmondson’s list of leading Bitcoin holders features some significant Bitcoin-owning corporations, among them MicroStrategy. Recently, this company disclosed that it had acquired an additional 27,200 Bitcoins, pushing its total holdings up to 279,420. This amount is estimated to be worth around $23 billion.

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2024-11-12 21:16