ETFs Accumulate 909,700 Bitcoin, Closing in on Satoshi’s Total

TLDR

• US Bitcoin ETFs are approaching Satoshi Nakamoto’s estimated Bitcoin holdings
• The ETFs collectively hold about 909,700 Bitcoin as of August 2024
• BlackRock’s iShares Bitcoin Trust is the largest holder among the ETFs
• ETFs are adding an average of 37,510 Bitcoin per month
• Satoshi Nakamoto is believed to hold between 600,000 to 1.1 million Bitcoin

United States Bitcoin exchange-traded funds (ETFs) are rapidly approaching the estimated Bitcoin holdings of the cryptocurrency’s mysterious creator, Satoshi Nakamoto.

As of August 2024, these ETFs collectively hold approximately 909,700 Bitcoin, worth around $55.1 billion at current prices.

The race to accumulate Bitcoin among ETF providers has been intense since their launch in January 2024. On average, these funds are adding about 37,510 Bitcoin to their holdings each month.

At this rate, they could surpass Nakamoto’s estimated stash as early as October 2024, according to Bloomberg ETF analyst Eric Balchunas.

Didn’t realize US ETFs are on track to pass Satoshi in bitcoin held in October. BlackRock alone is already #3 and on pace to be #1 late next year, and will likely stay there for a very long time Ht @EdmondsonShaun pic.twitter.com/QGsO00zrxp

— Eric Balchunas (@EricBalchunas) August 12, 2024

Satoshi Nakamoto, the pseudonymous creator of Bitcoin, is believed to hold between 600,000 to 1.1 million Bitcoin. This estimate is based on the “Patoshi pattern,” a theory suggesting that a single miner, presumed to be Nakamoto, mined a significant amount of Bitcoin in its early days.

However, the exact number remains uncertain, as these coins are spread across thousands of wallets and have remained untouched for over 13 years.

Among the ETF providers, BlackRock’s iShares Bitcoin Trust (IBIT) has emerged as the leader, holding over 347,994 Bitcoin. Grayscale’s Bitcoin Trust (GBTC) follows closely with 232,542 Bitcoin.

Balchunas predicts that BlackRock alone could become the largest Bitcoin holder by late 2025 if current trends continue.

The success of these ETFs marks a significant milestone in the mainstream adoption of Bitcoin. Since their launch in January, the 11 spot Bitcoin ETFs have seen combined net inflows of $17.35 billion.

This figure includes $19.49 billion in net outflows from Grayscale’s fund, which converted its existing Bitcoin trust to an ETF.

BlackRock’s fund has been particularly successful, accruing $20.33 billion in Bitcoin as of August 12, 2024. Fidelity’s Wise Origin Bitcoin Fund follows with $9.72 billion in inflows.

The rapid accumulation of Bitcoin by these ETFs has sparked discussions about the potential impact on Bitcoin’s price and availability. As more institutional investors gain exposure to Bitcoin through these regulated products, the amount of Bitcoin available for trading on the open market could decrease.

It’s worth noting that while the ETFs’ holdings are transparent and regularly reported, Satoshi Nakamoto’s exact Bitcoin holdings remain a subject of speculation.

Some estimates place Nakamoto’s holdings as low as 600,000 BTC, while others maintain the widely cited figure of 1.1 million BTC.

As the ETFs continue to accumulate Bitcoin, they are reshaping the landscape of cryptocurrency investment. Their growing holdings represent a significant shift in how Bitcoin is owned and traded, potentially influencing the cryptocurrency’s future price movements and market dynamics.

The latest data shows that US Bitcoin ETFs now hold just under 900,000 BTC in total, putting them on track to potentially surpass Satoshi Nakamoto’s estimated holdings in the coming months.