American spot Bitcoin ETFs have just reached a historic milestone by exceeding the volume of bitcoin held by their mysterious creator. With over 1.1 million BTC under management, these exchange-traded funds now surpass Satoshi Nakamoto's estimated holdings.
Record accumulation of Bitcoin by ETFs
On December 6, Bloomberg ETF analyst Eric Balchunas revealed that US spot Bitcoin ETFs crossed the threshold of 1.1 million BTC under management. According to data from HODL15Capital, these funds held precisely 1,103,965 BTC as of December 5, surpassing Satoshi Nakamoto's estimated holdings.
This dominant position of ETFs is also reflected in their comparison with other major market players. THE data show that their holdings exceed those of Binance, the world's largest crypto exchange, by 42%. In addition, they hold 63% more bitcoin than MicroStrategy, although known as one of the largest institutional holders of BTC.
The acceleration of this accumulation since January 2024 highlights the transformative impact of spot ETFs on the bitcoin market, providing traditional investors with regulated exposure to crypto.
The Satoshi mystery, a legacy frozen in time
Analysts attribute around 1.1 million BTC to Satoshi Nakamoto, or 5.2% of the total peak supply of 21 million bitcoins. The anonymous creator has never moved these assets accumulated since 2009 in the early days of the Bitcoin network, which fuels speculation about his fate.
Mike Novogratz, CEO of Galaxy Digital and a major player in the industry, recently expressed his belief that Nakamoto is no longer alive. During an interview with CNBC on December 5, as Bitcoin crossed $100,000 for the first time, he said: “ If Satoshi were alive – because I don't think he is – I'm sure he would have a big smile on his face.“
This enigma surrounding the creator of Bitcoin adds a symbolic dimension to the overtaking of its holdings by ETFs, perhaps marking the end of an era and the beginning of a new phase of maturity for the crypto market.
In short, the crossing of this historic threshold by American spot Bitcoin ETFs illustrates the profound transformation of the crypto market, going from a marginal technological innovation to an institutionally recognized financial asset. This development could portend even wider adoption of Bitcoin in the years to come.
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