Bitcoin ETFs have now accumulated more Bitcoin (CRYPTO: BTC) than the holdings of Bitcoin’s pseudonymous creator Satoshi Nakamoto.

What Happened: As of market close on Thursday, these ETFs collectively held 1,105,690 Bitcoin, valued at $110 billion, as per CoinGlass data. This milestone was reached by 10 asset managers in the U.S., who began trading these products on January 11. The only exception was Grayscale’s Bitcoin Mini Trust.

Nakamoto, who vanished from the public eye in 2011, is estimated to have mined up to 1.1 million Bitcoin in the project’s initial seven months.

The recent surpassing of Nakamoto’s holdings by Bitcoin ETFs marks a significant moment in the asset’s history.

Also Read: Bitcoin’s Bull Run: Betting On A $125K Finish To 2024

In a post on X, Bloomberg ETF analyst Eric Balchunas described this development as “mind-blowing”, highlighting that these products achieved this feat in less than a year. Balchunas had previously projected that these Wall Street products could surpass Nakamoto’s holdings by Christmas.

BlackRock, the world’s largest asset manager, has been a significant player in this burgeoning market. Its iShares Bitcoin Trust (IBIT) alone holds 521,000 Bitcoin, worth $50 billion.

Why It Matters: Bitcoin ETFs’ surpassing of Nakamoto’s holdings underscores the rapid growth and acceptance of these products in the financial market. This development also signifies the increasing institutional interest in Bitcoin and other cryptocurrencies, marking a shift from traditional investment avenues.

BlackRock’s dominant role in this market further emphasizes the growing acceptance of Bitcoin ETFs by major financial institutions. The rapid accumulation of Bitcoin by these ETFs could potentially influence the digital currency’s price and overall market dynamics.

With Bitcoin ETFs achieving this milestone in less than a year, it remains to be seen how this market will evolve and what impact it will have on the broader cryptocurrency landscape.

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