Bitcoin ETFs Racing To Overtake Satoshi’s Iconic BTC Stash — Analyst

A
big
change
is
brewing
up
in
the
world
of
Bitcoin.
Over
time,
US-based
ETFs
will
become
the
largest
holders
of
Bitcoin,
surpassing
even
Satoshi
Nakamoto,
the
mysterious
founder
of
the
cryptocurrency.
This
development
certainly
also
captures
how
institutional
interest
in
the
cryptocurrency
space
is
growing.

Bloomberg
senior
ETF
analyst
Eric
Balchunas
surprised
the
crypto
community
with
a
farfetched
prediction
in
relation
to
Bitcoin
ownership.
Balchunas
claims
that
if
trends
continue,
by
the
end
of
this
year,
the
world’s
most
elusive
man,
Satoshi
Nakamoto,
will
not
be
holding
the
largest
share
of
the
cryptocurrency.
This
prediction
assumes
a
dramatic
change
within
the
ownership
landscape
of
Bitcoin,
with
institutional
actors
gaining
ground
very
fast.

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

In
that
light,
Bitcoin’s
anonymous
creator
doesn’t
make
the
top
list,
with
only
about
1.1
million
BTC
said
to
be
in
his/her/their
possession.
Still,
US-based
Bitcoin
ETFs,
presently
managing
about
909,700
BTC,
are
in
the
process
of
quickly
catching
up
with
this
number,
underpinning
a
new
reality
of
an
influx
of
traditional
financial
institutions
into
the
ecosystem.

As
these
ETFs
continue
to
gain
popularity,
Nakamoto’s
dominance
could
be
surpassed,
marking
a
shift
in
Bitcoin
ownership
dynamics.
This
total
doesn’t
account
for
Grayscale’s
holdings,
which
would
reduce
the
ETF
count
to
approximately
645,899
BTC.

Institutional
Dominance

The
fast
rising
concentration
of
Bitcoin
by
US
ETFs
can
be
mostly
attributed
to
institutional
players.
BlackRock,
the
biggest
investment
manager
worldwide,
has
also
evolved
into
a
heavyweight
in
the
bitcoin
space.
With
347,767
BTC
in
its
IBIT
Bitcoin
ETF,
it
is
now
the
third-biggest
holding
and,
at
this
rate,
likely
to
surpass
all
others
before
the
end
of
2025.

Bitcoin market cap currently at $1.20 trillion. Chart: TradingView.com

Fidelity’s
Foray
Into
Crypto

The
other
finance
giant,
Fidelity,
has
also
made
some
substantial
headway
in
the
cryptocurrency
space.
It
is
currently
holding
176,626
BTC,
and
its
FBTC
fund
helps
underscore
growing
institutional
participation
in
the
market.
Grayscale,
another
popular
digital
currency
asset
manager,
went
a
step
further
in
the
institutionalization
of
the
Bitcoin
ecosystem
by
holding
substantially
263,801
BTC.

The real identity of Satoshi Nakamoto remains a mystery. Image: Pixabay

Bitcoin:
Timetable
Estimate

According
to
analysts,
ETF
holdings
of
Bitcoin
could
even
surpass
Nakamoto
as
early
as
October
2024.
The
timeline
takes
into
account
the
current
rate
of
accumulation
and
the
projected
growth
of
the
cryptocurrency
market.
Of
course,
institutional
interest
in
Bitcoin
is
only
going
to
grow
in
the
coming
years
when
players
such
as
Fidelity
and
BlackRock,
who
are
leaders
in
this
field,
have
substantial
investments
channeled
to
the
same
area.

That
Bitcoin
ETFs
have
grown
to
be
the
biggest
holders
of
the
cryptocurrency
is
big
news.
It
emphasizes
how
Bitcoin
is
becoming
more
widely
accepted
and
how
institutional
investors
are
becoming
more
confident
in
the
cryptocurrency
sector.
The
more
confidence
people
and
organizations
put
into
Bitcoin,
the
less
doubt
we’ll
have,
and
soon,
we
may
even
see
more
institutional
money
flowing
into
the
space.

What
this
means
for
Bitcoin’s
future—whether
the
dynamics
of
the
crypto
market
will
shift
with
institutional
investors
at
the
helm—remains
uncertain.
However,
a
new
era
in
the
Bitcoin
world
is
beginning,
and
it
will
be
intriguing
to
see
how
everything
develops.

Featured
image
from
JPM
&
Partners,
chart
from
TradingView