Satoshi to Lose Bitcoin Crown by Halloween

08/28/2024 01:24
Satoshi to Lose Bitcoin Crown by Halloween

Bitcoin ETFs are expected to surpass Satoshi's total holdings by Halloween

Satoshi to Lose Bitcoin Crown by Halloween

Cover image via U.Today

According to leading ETF analyst Eric Balchunas, mysterious Bitcoin creator Satoshi Nakamoto is expected to lose his status as the biggest holder of the leading cryptocurrency. 

As noted by Balchunas, Satoshi now has close to 84% of the total Bitcoin holdings of Nakamoto. 

The red-hot investment products are now expected to overtake Bitcoin by Halloween. 

This impressive pace of inflows is faster than initially expected, according to Balchunas. 

“US spot bitcoin ETFs now have 84% of the bitcoin that Satoshi has, on track to have more and take over the top spot by Halloween,” Balchunas noted. 

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As of Aug. 27, US Bitcoin ETFs hold a total of 921,540 BTC. As reported by U.Today, BlackRock's Bitcoin ETF recorded a staggering $224 million worth of inflows on Monday alone. 

Nakamoto is believed to hold 1.1 million. However, some analysts believe that these holdings might be overestimated. For instance, Satoshi came up with a more modest estimate of roughly 700,000 BTC. 

Who are the other top Bitcoin holders? 

The list of the top Bitcoin holders also includes the Binance exchange, business intelligence firm MicroStrategy, cryptocurrency trading platform Bitfinex as well as the U.S. and Chinese governments. 

Related

Ethereum (ETH) Spot ETFs Are Bleeding, Bitcoin ETFs Thriving

Still, it is not clear whether Satoshi has implemented some sort of a dead man's switch in order to pass on his exorbitant wealth. 

If Satoshi's loved ones were to start their inherited Bitcoins, this could end up being a major black swan event for the market. 

Earlier this year, Mt. Gox repayments caused a major market meltdown. Satoshi's Bitcoins could potentially trigger a substantially more severe market shock. 

About the author

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Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].

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