Bitcoin accumulation in U.S. cash exchange-traded funds (ETFs) has reached an impressive milestone. This ETF holds 924,768 BTC, putting it very close to Satoshi Nakamoto’s legendary 1 million BTC stash. At current trends, the US Bitcoin ETF, which is close to Satoshi’s 1 million BTC holdings, could surpass that figure in a month or so.
Bitcoin ETF Soars: Approaching 1 Million BTC
US Bitcoin ETFs have been aggressively expanding their BTC holdings over the past eight months. Since its launch in January 2024, 12 funds have steadily accumulated Bitcoin, reaching 4.68% of the global supply. At current exchange rates, this amounts to 924,768 BTC, or a value of over $60 billion. Satoshi’s close to 1 million BTC holdings in US Bitcoin ETF is a significant development.
Grayscale changes and market impact
At the same time, Grayscale’s GBTC, once the leading Bitcoin fund, saw massive outflows. Grayscale, which previously held more than 620,000 BTC, now holds 220,820 BTC, a decrease of 400,000 BTC. As the U.S. Bitcoin ETF, which approaches Satoshi’s 1 million BTC vault, continues to influence market trends, much of this Bitcoin will likely move into newer, more competitive ETFs, reshaping the market landscape.
BlackRock is leading the way.
Among the major ETFs, BlackRock’s IBIT stands out with 365,310 BTC, accounting for 39.5% of the total BTC held by these funds. This gives IBIT control over 1.85% of the global Bitcoin supply. Grayscale’s GBTC, despite its decline in holdings, still ranks second with 220,820 BTC, accounting for 23.88% of the ETF’s Bitcoin holdings.
Fidelity’s FBTC follows closely behind, controlling 178,334 BTC. Other popular funds, including Ark Invest’s ARKB and Bitwise’s BITB, hold 47,599 BTC and 39,588 BTC, respectively. This also suggests that US Bitcoin ETFs, with Satoshi’s close to 1 million BTC holdings, could reshape the market.
Can a US Bitcoin ETF surpass Satoshi’s 1 million BTC reserves?
If the US Bitcoin ETF continues to accumulate at its current rate, it could reach or surpass Satoshi Nakamoto’s BTC total of 1 million BTC in just one month. The fund added approximately 65,596 BTC monthly, or approximately 2,154 BTC per day. Based on these numbers, a U.S. Bitcoin ETF approaching Satoshi’s 1 million BTC holdings could reach the milestone in about 35 days, assuming no significant market movements.
Expectations: A milestone in the cryptocurrency market
The possibility of a U.S. Bitcoin ETF surpassing Satoshi’s legendary Bitcoin holdings marks a historic moment in the world of cryptocurrency. Satoshi’s close to 1 million BTC holdings in the US Bitcoin ETF demonstrate growing institutional interest in Bitcoin and highlight the changing dynamics of cryptocurrency investing. As 2024 progresses, all eyes are on these funds and their potential impact on the future of Bitcoin.