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US Spot Bitcoin ETFs Account for Over 4% Of All BTC, Closing in On Satoshi’s Stack
- US Spot Bitcoin ETFs, amassing 921,540 BTC, are nearing Satoshi Nakamoto’s 1.1 million BTC holdings.
- Leading Bitcoin funds include BlackRock’s IBIT and Grayscale’s GBTC, collectively holding over 4% of the market.
- IBIT witnessed its largest inflow since July on August 26, with US$224.1 million.
- Conversely, US Spot Ethereum ETFs like BlackRock’s ETHA and Grayscale’s ETHE face continued outflows.
If US Spot Bitcoin exchange-traded funds (ETFs) keep amassing as much BTC as they recently have, they will soon catch up with Satoshi Nakamoto, the infamous maker of Bitcoin. As per Eric Balchunas, the Senior ETF Analyst at Bloomberg, the secretive founder has 1.1 million BTC somewhere in cold storage, while Binance is the second largest holder with more than half a million Bitcoin.
But, the US funds, which started trading only in January of 2024, have now amassed a whopping 921,540 Bitcoins combined.
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In fact, data from SoSoValue shows that the four largest funds, BlackRock’s IBIT, Grayscale’s GBTC, Fidelity’s FBTC and Ark’s ARKB, hold over 4% – although data for IBIT had not been updated at the time of writing, so this assumes a similar number as during yesterday’s trading session.
Monday Most Outstanding Trading Day for IBIT Since July
Notably, the data available for IBIT shows that Monday, 26 August, was an enormous day for the largest Bitcoin fund. According to data from Farside.co.uk, the fund saw US$224.1 million (AU$330.06 million) in net inflows. That’s one of the larger days for the fund, with only July 22 having recorded higher inflows in recent history.
That day saw more than double Monday’s number with US$526.7 million (AU$775.7 million) in net inflows. BackRock’s fund now holds 357,736.7615 BTC.
Ethereum ETFs Continue to Bleed
Meanwhile, the US Spot Ethereum funds are not doing so well; BlackRock’s ETHA has now experienced four consecutive days of zero net flows while Grayscale’s converted ETHE fund has seen outflows for 11 days in a row.
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The only funds with any inflow in the past two days – again, noting that BlackRock data is missing for the most recent trading day – are Fidelity’s FETH, with US$3.9 million (AU$5.74 million), and Bitwise’s ETHW, with US$1.9 million (AU$2.79 million), in net inflows.
All in, total flows for the funds that started trading in early August are negative US$481.6 million (AU$709.5 million).
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
