Bitcoin-btc-wall-street-traders-bitcoinetf-gID_7.jpeg@png” />
In summary
- The combined value of the Bitcoin spot ETFs reached 1,105,690 BTC, surpassing Satoshi Nakamoto’s estimated holdings.
- BlackRock emerged as the dominant leader in the Bitcoin ETF market, amassing 521,000 BTC valued at $50 billion.
- Spot funds attracted $2.4 billion in one week, coinciding with Bitcoin’s historic rise above $100,000.
Wall Street’s imminent adoption of digital assets was once a rallying cry for Bitcoin boosters, who believed that a group of suit-clad investors would inevitably dominate the emerging market. When spot Bitcoin ETFs surpassed Satoshi Nakamoto’s holdings on Thursday, they were proven right.
As of Thursday’s market close, spot Bitcoin ETFs collectively held 1,105,690 Bitcoin valued at $110 billion, according to data from CoinGlass. Issued by 10 asset managers in the US, the group of products began trading on January 11, all except Grayscale’s Bitcoin Mini Trust.
As the pseudonymous creator (or creators) of Bitcoin, Satoshi Nakamoto is recognized as the most important personality in crypto circles. With an estimated 1.1 million Bitcoin in wallets widely linked to Bitcoin’s inventor(s), the milestone represented an impressive statistic for ETF watchers, as much as it signaled the market’s maturation beyond the crypto ecosystem’s absent godfather.
Bloomberg ETF Analyst Eric Balchunas described the development as “mind-blowing” at X (formerly known as Twitter), noting that the products are “literally babies.” In fact, the holdings of the products surpassed those of the creator, or creators, of Bitcoin in less than a year.
In a recent interview with Decrypt, Balchunas had estimated that Wall Street products could surpass Nakamoto’s estimated holdings by Christmas. However, spot Bitcoin ETFs have attracted $2.4 billion since Monday in conjunction with Bitcoin’s historic rise past $100,000 on Wednesday—perhaps an early gift for BTC faithful.
“It would be a fitting close to a fairytale launch,” Balchunas told Decrypt on Wednesday. “There has never been a launch like this (among ETFs), and there will never be another like it.”
Thursday’s development came more than 15 years after the creation of Bitcoin. Regardless of whether Nakamoto’s pseudonym corresponds to an individual or group, it has been established that Bitcoin’s namesake mined up to 1.1 million Bitcoin in the first seven months of the project.
Nakamoto, who disappeared from the public eye in 2011, presented Bitcoin as electronic money that could flow without the need for financial intermediaries. In that sense, it’s somewhat ironic that Wall Street’s most prestigious brands were central to Thursday’s milestone, and that they have seemingly had such an impact on Bitcoin’s rising value all year.
BlackRock, the world’s largest asset manager, has dominated the nascent market for products that make investing in Bitcoin as seamless as gaining exposure to the S&P 500. The iShares Bitcoin Trust (IBIT) alone has 521,000 Bitcoin valued at $50 billion, according to CoinGlass.
Since Thursday, Bitcoin has surpassed the price predicted by its mysterious creator, as spot ETFs write a new chapter in the asset’s history. Cryptocurrency has evolved from an esoteric instrument to becoming intertwined with mainstream finance, and its adoption on Wall Street is just beginning.
Edited by Andrew Hayward
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
Disclaimer: Please note that the information provided on this page is for News purposes only and should not be considered investment or trading advice. ©Crypto.keynoteusa.com strongly recommends that you conduct independent research and/or consult with a qualified professional before making any investment decisions.
