The accumulation of Bitcoin by U.S. spot exchange-traded funds (ETFs) has reached an impressive milestone. These ETFs hold 924,768 BTC, placing them within striking distance of Satoshi Nakamoto’s legendary 1 million BTC stash. With current trends, U.S. Bitcoin ETFs nearing Satoshi’s 1 million BTC stash might surpass that figure within just over a month.
Bitcoin ETFs Surge: Approaching 1 Million BTC
U.S. Bitcoin ETFs have expanded their BTC holdings aggressively in the last eight months. Since launching in January 2024, twelve funds have steadily accumulated Bitcoin, collectively reaching 4.68% of the global supply. Based on today’s exchange rates, this amounts to 924,768 BTC, valued at over $60 billion. U.S. Bitcoin ETFs nearing Satoshi’s 1 million BTC stash is a significant development.
Grayscale’s Shift and Market Impact
At the same time, Grayscale’s GBTC, once the leading Bitcoin fund, has seen a major outflow. Previously holding over 620,000 BTC, Grayscale now retains 220,820 BTC, a decrease of 400,000 BTC. Much of this Bitcoin has likely moved to newer, more competitive ETFs, reshaping the market landscape as U.S. Bitcoin ETFs nearing Satoshi’s 1 million BTC stash continue influencing market trends.
BlackRock Leads the Pack
Among the leading ETFs, BlackRock’s IBIT stands out with 365,310 BTC, representing 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 reduced holdings, still ranks second with 220,820 BTC, accounting for 23.88% of ETF-held Bitcoin.
Fidelity’s FBTC follows closely, managing 178,334 BTC. Other prominent funds, such as Ark Invest’s ARKB and Bitwise’s BITB, hold 47,599 BTC and 39,588 BTC, respectively. This further suggests that U.S. Bitcoin ETFs nearing Satoshi’s 1 million BTC stash could reshape the market.
Can U.S. Bitcoin ETFs Surpass Satoshi’s 1 Million BTC Stash?
If U.S. Bitcoin ETFs continue accumulating at their current pace, they could reach or surpass Satoshi Nakamoto’s 1 million BTC total in just over a month. These funds have added Bitcoin at around 65,596 monthly BTC, equating to roughly 2,154 BTC daily. Based on these figures, U.S. Bitcoin ETFs nearing Satoshi’s 1 million BTC stash could achieve the milestone in approximately 35 days, assuming no significant market fluctuations.
Looking Forward: A Milestone for the Crypto Market
The potential for U.S. Bitcoin ETFs to surpass Satoshi’s legendary Bitcoin stash marks a historic moment in the crypto world. U.S. Bitcoin ETFs nearing Satoshi’s 1 million BTC stash showcase the growing institutional interest in Bitcoin and highlight the shifting dynamics in cryptocurrency investment. As 2024 progresses, all eyes are on these funds and their potential impact on Bitcoin’s future.
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