Bitcoin ETFs Will Soon Hold 1M Tokens, Nearly as Much as Satoshi
- Mary-Kate OlsenOriginal
- 2024-10-25 07:36:21651browse
The U.S.-based spot funds currently hold about 396,922 bitcoin altogether, with BlackRock's iShares Bitcoin Trust soon to cross 400,000 in BTC holdings.
The holdings of several U.S.-based spot bitcoin exchange-traded funds are now approaching one million tokens, having started trading less than 10 months ago.
The ETFs, which began trading on Jan. 11 of this year, currently hold about 967,459 tokens, with holdings having been boosted recently by major inflows as bitcoin (BTC) rallies into the election.
At a recent rate of inflows, the ETFs are likely to cross the one million mark in the next couple of weeks, bringing them into the territory of Satoshi Nakamoto, who owns 1.1 million tokens, according to data from Blockchain.com.
The second depository of bitcoin is Binance, which held 636,000 BTC as of Oct. 1, according to its Proof of Reserves. Most of those holdings are likely not for the exchange's own account, but instead owned by its customers.
BlackRock’s iShares Bitcoin Trust (IBIT) currently holds 396,922 BTC on behalf of clients, putting the asset management giant in third place.
Interest in the ETFs – which had waned alongside months of sideways-to-lower price action – has picked up along with bitcoin, which at press time was trading close to a three-month high just shy of $68,000.
Last week, the funds saw their biggest single-day inflows since early June, taking in over $555 million on Oct. 14, according to data from Farside Investors. The total amount of assets added to the funds last week was $2.1 billion, the strongest amount since March.
The largest cryptocurrency by market cap has been rallying over the last two weeks as a result of several factors, possibly including the boosted odds of crypto-friendly Donald Trump winning the U.S. presidential election in November.
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