According to Decrypt, the landscape of digital assets has seen a significant shift as spot Bitcoin ETFs have surpassed the holdings of Bitcoin's pseudonymous creator, Satoshi Nakamoto. As of Thursday's market close, these ETFs collectively held 1,105,690 Bitcoin, valued at $110 billion, based on data from CoinGlass. This milestone marks a pivotal moment in the maturation of the cryptocurrency market, highlighting the increasing influence of Wall Street in the digital asset space.
The spot Bitcoin ETFs, issued by ten asset managers in the U.S., began trading on January 11, with the exception of Grayscale's Bitcoin Mini Trust. This development is noteworthy as it surpasses the estimated 1.1 million Bitcoin believed to be held by Nakamoto, a figure that has long been a benchmark in the crypto community. The rapid accumulation of Bitcoin by these ETFs underscores the growing acceptance and integration of Bitcoin into mainstream finance.
Bloomberg ETF Analyst Eric Balchunas described the achievement as "mind-blowing," noting that these financial products, which are less than a year old, have already overtaken the holdings of Bitcoin's creator. In a recent interview with Decrypt, Balchunas had predicted that Wall Street's Bitcoin products could surpass Nakamoto's holdings by Christmas. However, the ETFs have already attracted $2.4 billion since Monday, coinciding with Bitcoin's historic rise past $100,000 on Wednesday.
This development comes more than 15 years after Bitcoin's inception. Despite Nakamoto's original vision of Bitcoin as a decentralized form of electronic cash, the involvement of major Wall Street firms in the cryptocurrency market has been instrumental in driving its value upward. BlackRock, the world's largest asset manager, has played a significant role in this transformation, with its iShares Bitcoin Trust holding 521,000 Bitcoin, worth $50 billion, according to CoinGlass.
The surpassing of Nakamoto's holdings by spot Bitcoin ETFs signifies a new chapter in Bitcoin's history, transitioning from an esoteric digital currency to a mainstream financial asset. As Wall Street continues to embrace Bitcoin, the cryptocurrency's integration into traditional finance is just beginning, marking a significant evolution in its journey.