Satoshi Takeover Countdown: Here’s When Bitcoin ETFs Will Hit One Million BTC Milestone

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As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed countless milestones and shifts in the industry. The potential surge of U.S. spot Bitcoin ETFs towards the one million BTC threshold by next Wednesday is undeniably one of the most intriguing developments I’ve seen in recent years.

It appears that U.S. Bitcoin Exchange Traded Funds (ETFs) are on the verge of reaching a significant milestone. According to Eric Balchunas from Bloomberg, these funds’ Bitcoin holdings could surpass one million coins by next Wednesday. This development could see ETF issuers overtaking Satoshi Nakamoto’s rumored 1.1 million BTC hoard by mid-December, marking a significant event in the cryptocurrency industry.

The pace at which this timeline progresses is accelerating due to the weekly influx of approximately 17,000 Bitcoin into these ETFs as a result of the prevailing trend. However, market circumstances may cause this rate to fluctuate, potentially slowing or expediting the process.

Currently, the accumulated Bitcoin ETFs from various issuers amount to approximately 983,334 Bitcoins. Among these issuers, BlackRock and Grayscale are the major contributors. BlackRock’s ETF makes up about 41.5% of the entire Bitcoin holdings in ETFs, while Grayscale contributes around 25.9%.

COUNTDOWN: US spot ETFs are scheduled to hit 1 million bitcoin held by next Wed and pass Satoshi by mid-December (before their first birthday, amazing). They’ve been adding about 17k btc a week. That said, anything can happen, eg a violent selloff and all this is delayed albeit…

— Eric Balchunas (@EricBalchunas) October 29, 2024

Who will become new ‘Satoshi’?

Through swift acquisitions, Bitcoin ETFs have become significant owners of Bitcoin, ranking among the leading global possessors of this digital currency.

Currently, it’s believed that Satoshi Nakamoto remains at the peak, owning approximately 1.1 million Bitcoins. Binance, the global leader among cryptocurrency exchanges, holds a substantial amount as well – about 667,526 BTC. Completing the top three, BlackRock, a significant player in the ETF market, manages around 408,237 BTC.

Other parties such as MicroStrategy and potentially the U.S. government could potentially amass Bitcoin holdings comparable to Satoshi’s in the future through competition. However, Exchange-Traded Funds (ETFs) are currently coming closest to this threshold due to increasing attention and the potential for quicker growth if market sentiment continues to improve.

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2024-10-29 19:01