Bitcoin ETFs see $1B inflows: Can they overtake Satoshi’s holdings?

• Bitcoin ETFs saw $1 billion in inflows, nearing Satoshi’s holdings and gold ETFs.
• Bitcoin’s 160% rise in 2024, now worth $1.91 trillion, challenged gold’s market dominance.

Following the aftermath of the U.S. Presidential election, Bitcoin’s [BTC] market has experienced a significant surge, with spot Bitcoin ETFs seeing a massive influx of capital.

In fact, as BTC’s price continues to inch closer to the $100K mark, the momentum is mirrored in the ETF market.

Bitcoin ETFs update

According to Farside Investors, Bitcoin ETFs saw an impressive $490.3 million in inflows on the 22nd of November, marking a striking continuation of the upward trend.

Cumulatively, by the 21st of November, BTC ETFs had attracted over $1 billion in new investments. This signaled a robust investor appetite for exposure to the leading cryptocurrency amid a wave of bullish sentiment.

In between the flood of Bitcoin ETF inflows, BlackRock’s IBIT has emerged as the front-runner, recording an impressive $513.2 million on the 22nd of November and $608.4 million on the 21st of November.

Following closely behind is Fidelity’s FBTc, solidifying its position in the market. However, not all Bitcoin ETFs are seeing growth, as Grayscale’s GBTC experienced outflows, losing $67.1 million on the 22nd of November.

Will they surpass Satoshi Nakamoto’s holdings?

Despite this, the collective inflows into spot Bitcoin ETFs are making headlines, with discussions growing about these funds nearing a significant milestone and becoming the largest holders of Bitcoin globally.

Data suggested its potential of surpassing even the legendary Satoshi Nakamoto, while also closing in on gold ETFs in total net assets.

Remarking on the same, Bloomberg’s Senior ETF Analyst, Eric Balchunas noted, 

“US spot ETFs now 98% of way there to passing Satoshi as world’s biggest holder. My over/under date of Thanksgiving looking good.”

He added, 

“If next 3 days are like the past 3 days flow-wise it’s a done deal. Also at $107b aum they only lag gold ETFs by $23b, good shot to surpass by xmas.” 

Journey so far

Well, since their debut in January, U.S. spot Bitcoin ETFs have experienced rapid growth.

As of recent estimates from crypto analyst HODL15Capital, these funds collectively held around 1.081 million BTC, bringing them tantalizingly close to Satoshi Nakamoto’s purported 1.1 million Bitcoin holdings.

Nakamoto, the elusive creator of Bitcoin, is thought to own about 5.68% of the total Bitcoin supply, with their holdings valued at over $100 billion.

Therefore, if Nakamoto were a living, single individual, these vast holdings would place them among the wealthiest people in the world.

The year 2024 and Bitcoin

Needless to say, Bitcoin’s remarkable performance in 2024 has solidified its position as a dominant force in the financial landscape.

With a 160% surge since January, BTC is now approaching the $100,000 mark, while its market capitalization of $1.91 trillion surpasses that of silver and industry giants like Saudi Aramco.

Despite this impressive growth, Bitcoin still trails gold, the world’s largest asset, with a market cap exceeding $18 trillion.

These trends highlight Bitcoin’s growing prominence but also underscore its ongoing journey to challenge traditional assets like gold for the top spot.