Bitcoin ETFs surpass 1 million BTC while approaching Satoshi's total
U.S. spot Bitcoin (CRYPTO:BTC) ETFs have reached a significant milestone, collectively holding over 1 million BTC, primarily due to substantial purchases by BlackRock.
This rapid accumulation is expected to surpass the holdings of Bitcoin's creator, Satoshi Nakamoto, within two weeks.
The swift growth in ETF holdings has raised concerns about increasing centralisation within the cryptocurrency market.
BlackRock's recent trading activity has contributed to this surge, with the firm purchasing over 12,000 BTC in a single day.
Analysts had initially estimated that reaching this milestone would take about a week, but BlackRock's aggressive buying strategy accelerated the timeline.
Bloomberg ETF analyst Eric Balchunas noted the “Herculean run of inflows” that propelled ETFs past the 1 million BTC mark ahead of expectations.
He humorously remarked on social media, “At this rate, they’ll pass Satoshi in less than two weeks.”
Currently, Bitcoin ETFs are on track to exceed Nakamoto’s estimated 1.1 million BTC holdings, a projection that has been adjusted from mid-December to potentially the end of November due to ongoing acquisitions.
However, this influx of institutional investment has sparked anxiety within the crypto community regarding centralisation.
Bitcoin was designed as a decentralised currency system, and many fear that large ETF holdings could undermine this principle.
Analyst Shaun Edmondson cautioned smaller investors to act quickly, stating, “Utterly enormous supply shock inbound.”
He highlighted that ETF issuers have purchased nearly five times the amount of BTC produced by miners in recent weeks, raising concerns about sustainability and accessibility for individual investors.
This milestone coincides with the sixteenth anniversary of Satoshi Nakamoto’s original Bitcoin whitepaper, marking a significant evolution in the cryptocurrency landscape since its inception.
At the time of reporting, the Bitcoin price was $70,468.50.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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