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Spot Bitcoin ETFs on track to overtak Satoshi Nakamoto’s BTC holdings by year-end

October 29, 2024Updated:October 29, 2024No Comments2 Mins Read
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Spot Bitcoin ETFs on track to overtak Satoshi Nakamoto’s BTC holdings by year-end
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Bloomberg ETF analyst Eric Balchunas predicted that by December, US spot Bitcoin exchange-traded funds (ETFs) BTC holdings might eclipse these of Satoshi Nakamoto.

Balchunas advised that at their present accumulation tempo — roughly 17,000 BTC weekly — the ETFs might surpass 1 million BTC subsequent week. This places them on monitor to outpace Nakamoto’s holdings, estimated to be round 1.1 million BTC, as early as December.

Spot Bitcoin ETFs on track to overtak Satoshi Nakamoto’s BTC holdings by year-endBitcoin ETFs
Bitcoin ETF Holdings (Supply: X/Balchunas)

The latest influx into spot BTC ETFs provides weight to this forecast. Over the previous 12 buying and selling days, these ETFs have attracted near $4 billion, with BlackRock’s iShares Bitcoin Belief ETF (IBIT) alone pulling in round $2.6 billion.

Bitcoin ETFs Bitcoin ETFs
Bitcoin ETFs Day by day Flows. (Supply: SoSoValue)

Regardless of the spectacular strikes, Balchunas famous that the unpredictability within the crypto market might affect the timeline. He added that regardless of the potential of sudden occasions, like a selloff, leading to delays, the funds’ development stays on an upward trajectory.

He acknowledged:

“Something can occur, e.g., a violent selloff, and all that is delayed albeit nonetheless inevitable. On the flip, if costs maintain going up, Trump wins, we might see FOMO might kick in, and all of it occurs sooner.”

Disclaimer: Our writers’ opinions are solely their very own and don’t replicate the opinion of CryptoSlate. Not one of the info you learn on CryptoSlate needs to be taken as funding recommendation, nor does CryptoSlate endorse any mission which may be talked about or linked to on this article. Shopping for and buying and selling cryptocurrencies needs to be thought-about a high-risk exercise. Please do your individual due diligence earlier than taking any motion associated to content material inside this text. Lastly, CryptoSlate takes no duty do you have to lose cash buying and selling cryptocurrencies.



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