Spot Bitcoin ETFs are nearing a milestone, with their holdings set to surpass 1 million BTC, closing in on the amount held by Satoshi Nakamoto.
In just ten months, U.S. spot Bitcoin exchange-traded funds (ETFs) are approaching a massive milestone. These ETFs are on the verge of crossing 1 million BTC in holdings, following major inflows during Bitcoin’s recent price rally. At present, the funds collectively hold 967,459 BTC and are expected to surpass the 1 million mark within the next few weeks. This would put them close to Satoshi Nakamoto’s reported stash of 1.1 million BTC, according to Blockchain.com.
The surge in ETF holdings coincides with Bitcoin’s recent price spike, which has seen it nearing a three-month high of $68,000. A significant driver of this rise has been the upcoming U.S. presidential election, with increased confidence in a crypto-friendly candidate. On October 14, the ETFs saw $555 million in single-day inflows, marking the biggest inflows since June. Over the past week, the funds added a total of $2.1 billion in assets, the highest since March.
Leading the ETF charge is BlackRock’s iShares Bitcoin Trust, which currently holds 396,922 BTC, making it the third-largest holder. Meanwhile, Binance retains the second-largest Bitcoin repository, with 636,000 BTC, though most of these holdings belong to the exchange’s users.
As Bitcoin continues to rise, interest in ETFs has picked up once again, reversing months of sideways price action. It’s only a matter of time before these ETFs join the ranks of the largest BTC holders globally.
