Bitcoin ETFs Near 1 Million BTC, Rivaling Satoshi’s Holdings

• US Bitcoin ETFs near 1 million BTC, just 83% away from surpassing Satoshi’s holdings.  
• BlackRock resumes buying Bitcoin, boosting its 359,271 BTC holdings significantly.  
• Institutional players and governments dominate Bitcoin holdings, driving market demand.

Bitcoin exchange-traded funds (ETFs) are edging closer to a significant milestone, with combined holdings approaching one million BTC.

Most recent report shows US-listed Bitcoin ETFs currently hold 916,047 BTC. This puts them just 83% shy from the estimated 1.1 million BTC held by Bitcoin’ creator, Satoshi Nakamoto. This growth is fueled by the increasing demand for Bitcoin ETFs.

US bitcoin ETFs had good day yesterday pushing YTD flows to new high water mark of $17.8b. They’re now 92% of the way to owning 1million bitcoin and 83% of way to passing Satoshi as top holder. Tick tock.. pic.twitter.com/kTxlIzjJy6

— Eric Balchunas (@EricBalchunas)
September 25, 2024

Eric Balchunas, senior ETF analyst at Bloomberg, highlighted the notable inflows into US Bitcoin ETFs this year. He noted that these ETFs have accumulated $17.8 billion in assets under management (AUM) to date. This represents 92% of the total AUM needed to reach one million BTC, a figure that continues to rise. The prospect of these funds becoming the largest Bitcoin holders is looking increasingly plausible.

BlackRock Resumes Bitcoin Purchases

BlackRock re-entered the Bitcoin market, making headlines with its renewed purchasing activity. Arkham, a blockchain analytics firm, confirmed BlackRock’s return to buying Bitcoin. The company’s current holdings amount to 359,271 BTC, securing its position as the third-largest holder.

Read also: SEC Approves Bitcoin Options on BlackRock ETF: Market Reacts

JUST IN

Blackrock has started buying. Again. pic.twitter.com/pyKxgJwv6b

— Arkham (@ArkhamIntel)
September 25, 2024

Reports suggest that BlackRock’s move correlates with a surge in interest in Bitcoin ETF trading. Tuesday saw a notable increase, with demand for spot Bitcoin ETFs exceeding $100 million. This underscores the ongoing momentum in the market. BlackRock’s Bitcoin ETF, along with its newly launched Ether ETF, are leading the inflows, solidifying the company’s presence in the cryptocurrency world.

Governments and Institutions Rank Among Top Holders

Institutional investors and governments maintain their dominance in Bitcoin holdings. The US government ranks seventh with 203,239 BTC, while the Chinese government holds 194,000 BTC, placing ninth. Binance, the leading cryptocurrency exchange, possesses 673,783 BTC. Other major holders include Fidelity, Grayscale, and MicroStrategy.

Read also: Blackrock’s DeFi Push Continues With $3.35M USDC Transfer to Ondo Finance

This growing institutional interest is a key factor driving recent price and demand trends. The influx from US ETFs, combined with BlackRock’s renewed buying activity, demonstrates the increasing institutional adoption of Bitcoin. This trend is poised to continue as more ETFs launch and attract further investment. The data clearly shows that these entities wield significant influence over the future of Bitcoin.

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