- Fidelity actively participates with 176,626 BTC held, emphasizing strong institutional engagement in the cryptocurrency market.
- Predictions suggest Bitcoin ETFs might hold more than Nakamoto as early as October 2024 due to rapid acquisition rates.
U.S.-based Bitcoin ETFs are approaching a pivotal moment where they might soon hold more Bitcoin than Satoshi Nakamoto, the cryptocurrency’s creator. This potential shift underscores the increasing interest of institutional investors in Bitcoin.
Eric Balchunas, a senior ETF analyst at Bloomberg, has indicated that trends suggest these ETFs could overtake Nakamoto’s estimated holdings of 1.1 million BTC by year-end.
Didn’t realize US ETFs are on track to pass Satoshi in bitcoin held in October. BlackRock alone is already #3 and on pace to be #1 late next year, and will likely stay there for a very long time Ht @EdmondsonShaun pic.twitter.com/QGsO00zrxp
— Eric Balchunas (@EricBalchunas) August 12, 2024
Presently, these ETFs manage approximately 909,700 BTC. This accumulation reflects a significant involvement of traditional financial entities in the cryptocurrency market.
Major financial institutions like BlackRock and Fidelity are influential in this shift. BlackRock’s IBIT Bitcoin ETF currently possesses 347,767 BTC, ranking it among the top holders globally. Fidelity’s holdings through its FBTC fund include 176,626 BTC. These figures highlight the increasing institutional footprint in the cryptocurrency sector.
Projections suggest that ETF holdings might exceed Nakamoto’s by October 2024, considering the current pace of accumulation and expected market growth. This milestone would mark a substantial shift in Bitcoin ownership from individual to institutional hands.
Institutional investment into Bitcoin, led by firms such as BlackRock and Fidelity, shows a robust confidence in the cryptocurrency’s future. This trend is set to continue, with institutional stakeholders poised to play a dominant role in the Bitcoin market.
