Key Points
- Bitcoin ETFs have seen an influx of $1 billion, potentially surpassing Satoshi Nakamoto’s holdings.
- Bitcoin’s 160% rise in 2024 has challenged gold’s market dominance.
Bitcoin’s market has seen a significant surge following the U.S. Presidential election, with Bitcoin ETFs experiencing a massive influx of capital.
As the price of Bitcoin continues to approach the $100K mark, similar momentum is observed in the ETF market.
Bitcoin ETFs Performance
Bitcoin ETFs attracted $490.3 million in inflows on November 22nd, according to Farside Investors.
By November 21st, Bitcoin ETFs had attracted over $1 billion in new investments, indicating a strong investor interest in the leading cryptocurrency.
Among the Bitcoin ETFs, BlackRock’s IBIT and Fidelity’s FBTc have emerged as leaders, while Grayscale’s GBTC experienced outflows.
Potential to Surpass Satoshi’s Holdings
The inflows into spot Bitcoin ETFs have sparked discussions about these funds potentially becoming the largest holders of Bitcoin globally.
Data suggests the possibility of surpassing even Satoshi Nakamoto’s holdings and closing in on gold ETFs in total net assets.
Since their debut in January, U.S. spot Bitcoin ETFs have seen rapid growth.
Recent estimates suggest these funds collectively hold around 1.081 million BTC, close to Satoshi Nakamoto’s estimated 1.1 million Bitcoin holdings.
Nakamoto, the creator of Bitcoin, is thought to own about 5.68% of the total Bitcoin supply, valued at over $100 billion.
Bitcoin’s Growth in 2024
Bitcoin’s performance in 2024 has reinforced its position in the financial landscape.
With a 160% surge since January, Bitcoin is nearing the $100,000 mark, and its market capitalization of $1.91 trillion surpasses that of silver and industry giants like Saudi Aramco.
However, Bitcoin still lags behind gold, the world’s largest asset, with a market cap of over $18 trillion.
These trends highlight Bitcoin’s increasing prominence and its ongoing challenge to traditional assets like gold.