US Bitcoin ETFs on the Verge of Surpassing Satoshi’s BTC Holdings, Acquiring 924,768 BTC
Since January 11, 2024, the twelve US-based bitcoin exchange-traded funds (ETFs) have been continuously accumulating bitcoin (BTC), bringing their total holdings to an impressive 924,768.09 BTC. This excludes Grayscale’s GBTC, which has witnessed a significant outflow of $20 billion. At their current pace, these ETFs could potentially exceed Satoshi Nakamoto’s renowned 1 million BTC stash in just a little over a month.
These ETFs have been quite active since their launch eight months ago. Present data indicates that these twelve funds now possess approximately 4.68% of the total global supply of 19.76 million bitcoins, amounting to a staggering 924,768.09 BTC. Based on current exchange rates, this accumulation values over $60 billion.
Initially, when these funds hit the market, Grayscale’s GBTC held more than 620,000 BTC, which has now dwindled to 220,820.34 BTC. This significant reduction of bitcoin held by Grayscale’s trust implies that a substantial amount, worth over $20 billion, has likely flowed into the hands of the newer spot bitcoin ETFs.
Among these ETFs, Blackrock’s IBIT boasts the largest holding with 365,310.38 BTC, constituting 39.5% of the total 924,768.09 BTC held by the twelve funds. Consequently, IBIT alone accounts for 1.85% of all bitcoins currently in circulation. Grayscale’s GBTC, although still significant, occupies the second-largest position among these ETFs, holding 220,820.34 BTC.
The data reveals that GBTC commands 23.88% of the total bitcoin held by the funds, which translates to 1.12% of the 19.76 million circulating bitcoins worldwide. Fidelity’s FBTC closely trails GBTC, securing 178,334.14 BTC.
FBTC possesses 19.28% of the total held by the twelve funds and 0.90% of the circulating supply. The remaining ETFs hold fewer than 50,000 BTC, with Ark Invest and 21shares’ ARKB fund leading the pack with 47,599 BTC, followed by Bitwise’s BITB at 39,588.07 BTC.
Grayscale’s Bitcoin Mini Trust manages 33,752.77 BTC, while the other ETFs hold smaller bitcoin reserves. Vaneck’s HODL takes the lead within this group, containing 11,482.53 BTC, followed by Valkyrie’s BRRR at 8,982.53 BTC.
Invesco and Galaxy’s BTCO own 7,941 BTC, while Franklin Templeton’s EZBC manages 7,103.85 BTC. Lower on the list, Wisdomtree’s BTCW holds 3,705.48 BTC, and Hashdex’s DEFI concludes the portfolio with only 148 BTC.
It is a widely accepted belief that Satoshi Nakamoto mined 1 million BTC, and with the funds already holding 924,768.09 BTC, they are inching closer to this iconic figure. Since January 11, Grayscale’s GBTC has shed approximately 400,000 BTC. Subtracting this amount from the total leaves 524,768.09 BTC.
Assuming these funds trade continuously (which is not the case) over the eight-month period, they have been accumulating at a rate of 65,596.01 BTC per month or 2,154.60 BTC daily. At this pace, the 1 million BTC milestone could be reached in roughly 34.8 days, accounting for potential fluctuations in trading velocity, inflows, or outflows. Overall, there is a strong possibility of crossing this threshold in 2024.
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