Satoshi Predicted to Lose Bitcoin Crown by Christmas

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As a seasoned researcher and data enthusiast with years of experience under my belt, I find myself intrigued by Eric Balchunas’ bold prediction that Bitcoin ETFs could surpass Satoshi Nakamoto’s holdings by Christmas. While it’s important to remember that predictions are just educated guesses, I can’t help but feel a sense of anticipation at the prospect of such a shift.

According to Eric Balchunas, Bloomberg’s top ETF analyst, it’s likely that Bitcoin Exchange-Traded Funds (ETFs) will become the biggest owners of Bitcoin, surpassing Satoshi Nakamoto, before the holiday season in December.

Their combined holdings currently stand at a whopping 938,533 BTC, according to the most recent data provided by the analyst.  

As reported by U.Today, Bitcoin recently recorded massive inflows of roughly $550 million.

The net inflows of Bitcoin ETFs are now close to reaching the $20 billion milestone. 

Are Bitcoin price moves correlated with ETF flows? 

In a separate comment, Balchunas also spoke about Bitcoin’s rather underwhelming price action. “Price is the net result of buyers and sellers and so if ETFs were buyers then the only answer is that other holders were selling as much or more. Once again the call is coming from inside the house,” he said. 

At the moment, the primary digital currency is being traded at approximately $65,699, as reported by CoinGecko. Despite a significant surge in value, it has dropped over 11% from its record peak.

As a researcher, I am sharing insights from my latest findings, where I serve as the Head of Research at FalconX, a leading cryptocurrency brokerage. Specifically, I’ve observed a “statistically significant” connection between shifts in ETF flows and their corresponding prices, with the current correlation coefficient standing at approximately 0.30. Interestingly, this relationship appears to be strengthening over time, particularly in recent developments.

In 2024, exchange-traded funds (ETFs) were the main channel for fresh investments in the cryptocurrency market. If the market manages to maintain a consistent trend, the analyst predicts that this relationship between ETFs and crypto could grow even stronger.

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2024-10-15 19:02