US Bitcoin ETFs ‘on track’ to top Satoshi’s BTC stack soon

Jesse Coghlan7 hours agoUS Bitcoin ETFs ‘on track’ to top Satoshi’s BTC stack soonUnited States Bitcoin ETFs have added around 37,510 BTC to their holdings each month on average and could soon surpass Satoshi Nakamoto’s estimated stash. 3480 Total views15 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onSpot Bitcoin exchange-traded funds (ETFs) in the United States may soon collectively hold more Bitcoin than the cryptocurrency’s anonymous creator, Satoshi Nakamoto.

Bloomberg ETF analyst Eric Balchunas posted a chart to X on Aug. 13 showing that the ETFs now hold 909,700 Bitcoin (BTC) in total, worth around $55.1 billion at its current price of around $60,500.

They’re closing in on Nakamoto’s estimated 1.1 million BTC stash, which the mysterious creator mined in the infancy of BTC and hasn’t touched after vanishing over 13 years ago.

On average, the spot Bitcoin ETFs add around 37,510 BTC to their holdings every month. At that rate, they could surpass Nakamoto’s holdings in January 2025 — a year after they first launched.

However, Balchunas thinks the funds could overtake Nakamoto’s stack as early as October.Source:Eric Balchunas

“BlackRock alone is already #3 and on pace to be #1 late next year and will likely stay there for a very long time,” Balchunas wrote.

The ETFs may have already surpassed Nakamoto’s total Bitcoin holdings, as some estimates place the creator’s holdings as low as 600,000 BTC spread across as many as 20,000 wallets.

Related:Bitcoin risks ‘sharp weekend price swings’ as ETFs suck up liquidity

No one has been able to put an exact number on Nakamoto’s Bitcoin holdings, as the Bitcoin creator used a fresh wallet to receive the 50 BTC reward for every block mined in the early days of Bitcoin.

Nakamoto was the biggest miner then, and the process was much less resource-intensive than it is today.

Since January, the 11 spot Bitcoin ETFs have seen combined net inflows of $17.35 billion, which includes $19.49 billion in net outflows from Grayscale’s flagship ETF, the Grayscale Bitcoin Trust.

BlackRock’s iShares Bitcoin Trust ETF has seen the majority of flows, accruing $20.33 billion in Bitcoin as of Aug. 12, followed by $9.72 billion of BTC flowing into the Fidelity Wise Origin Bitcoin Fund, according to Farside Investors.

X Hall of Flame:Bitcoin $500K prediction, spot Ether ETF ‘staking issue’— Thomas Fahrer# Bitcoin# Satoshi Nakamoto# Bitcoin ETF# ETFAdd reaction