Bitcoin Spot ETFs Now Hold 1 Million BTC, Likely to Surpass Satoshi in Two Weeks

The US spot Bitcoin ETFs collectively own 1 million BTC, reaching this goal sooner than expected thanks to major BlackRock purchases. At this rate, they will surpass Satoshi Nakamoto’s own holdings in two weeks. The ETF issuers’ massive appetite for Bitcoin raised concerns about increasing centralization in the space. ETFs’ New Milestone In a surprising […]

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The US spot Bitcoin ETFs collectively own 1 million BTC, reaching this goal sooner than expected thanks to major BlackRock purchases. At this rate, they will surpass Satoshi Nakamoto’s own holdings in two weeks.

The ETF issuers’ massive appetite for Bitcoin raised concerns about increasing centralization in the space.

ETFs’ New Milestone

In a surprising turn, US Bitcoin ETFs surpassed the milestone of holding 1 million BTC today. ETF issuer BlackRock hit a six-month trading volume high yesterday, with analysts estimating a week to reach this threshold. However, BlackRock accelerated the pace by purchasing over 12,000 BTC, reaching this goal early.

Read more: What Is a Bitcoin ETF?

US Spot Bitcoin ETF BTC Holdings
US Spot Bitcoin ETF BTC Holdings. Source: Shaun Edmondson

Yesterday’s Bitcoin surge impacted BlackRock the most, but these mainline spot ETFs were not the only benefactors. Newly-approved ETF derivatives and other Bitcoin-related stocks like Riot and MicroStrategy also saw huge gains. Bloomberg ETF analyst Eric Balchunas credited this “Herculean run of inflows” for crossing the 1 million threshold ahead of expectations.

12,000 BTC a day keeps the doctor away! At this rate, they’ll pass Satoshi in less than two weeks. Although, they can’t keep up this Joey Chestnut-level pace, can they?” Balchunas mused via social media post, referencing the champion hot dog eater.

Bitcoin ETFs, spearheaded by BlackRock, are now on the verge of surpassing Satoshi Nakamoto’s 1.1 million BTC stockpile. Just two days ago, Balchunas estimated this would occur by mid-December, adjusting yesterday to the end of November. Yet, even that projection now appears conservative, with another substantial acquisition potentially pushing the timeline forward once more.

However, these purchases have also sparked anxiety in the crypto space. Bitcoin was created to be a decentralized, ownerless, trustless currency system. The community has persistently feared the encroachment of centralization, and massive ETFs may have changed the stakes.

“Reminder to the small guy to ‘get some / get yours’ while you still can. Utterly enormous supply shock inbound,” analyst Shaun Edmondson warned.

Read More: Who Owns the Most Bitcoin in 2024?

In other words, Bitcoin has become more accepted by traditional finance, but these institutions may change it in turn. Last week, the ETF issuers bought almost five times the amount of BTC produced by the entire mining industry. Not only is this staggering consumption unsustainable, but it might also make Bitcoin acquisition impossible for private individuals.

This milestone, appropriately enough, came on the sixteenth anniversary of Satoshi Nakamoto’s original Bitcoin whitepaper. The space has grown and changed in unimaginable ways since. Although cryptocurrency already existed as a theoretical concept, Bitcoin was a pioneer with its trustless and decentralized blockchain. It will be interesting to see how this vision endures.

The post Bitcoin Spot ETFs Now Hold 1 Million BTC, Likely to Surpass Satoshi in Two Weeks appeared first on BeInCrypto.

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