Key Points
- Bitcoin ETFs are experiencing significant inflows, nearing $20 billion in net inflows.
- Eric Balchunas, a Bloomberg ETF analyst, predicts that BTC ETFs may surpass Satoshi Nakamoto’s Bitcoin holdings by Christmas.
Bitcoin exchange-traded funds (ETFs) are seeing a surge in inflows, with a momentum that is hard to ignore. The inflows have been accumulating impressively, with $253.6 million on 11 October, $555.9 million on 14 October, and $371 million on 15 October.
Analyst’s Bold Prediction
Eric Balchunas, a well-known ETF analyst at Bloomberg, made a daring forecast. Balchunas believes that Bitcoin ETFs are on track to exceed Satoshi Nakamoto, Bitcoin’s mysterious creator, as the largest holders of the leading cryptocurrency by Christmas.
Currently, Bitcoin ETFs hold an impressive total of 938,533 BTC. This is a significant milestone, as it is believed that Satoshi Nakamoto owns around 1.1 million BTC. If the inflows continue at this pace, it seems increasingly likely that BTC ETFs will soon rival Nakamoto’s holdings.
Community Reactions
However, some have raised doubts about these predictions. One user questioned the certainty of Satoshi owning 1 million BTC, while another asked about the seemingly weak price action despite the massive inflows.
David Lawant, Head of Research at cryptocurrency brokerage FalconX, addressed this concern. He stated that while there is a statistically significant relationship between changes in ETF flows and prices, it’s not a strong one, with less than 10% of the change in prices being explained by the change in net flows.
In related news, a dormant Bitcoin whale from the Satoshi era resurfaced recently, causing a stir in the crypto community. The wallet, first mined in 2009, transferred approximately $630,000 worth of BTC to Kraken on 14 October, sparking intrigue.