Satoshi Nakamoto, the enigmatic creator of Bitcoin, may soon lose his title as the largest holder of the world’s leading cryptocurrency, according to prominent ETF analyst Eric Balchunas. This shift is expected to happen by Halloween, as U.S. spot Bitcoin ETFs rapidly accumulate holdings at an unprecedented pace.
Balchunas highlights that these investment products have now amassed close to 84% of the total Bitcoin held by Nakamoto. The speed at which these ETFs are gathering Bitcoin has surpassed initial expectations, leading many to believe that they will soon overtake Nakamoto as the top Bitcoin holder.
“U.S. spot Bitcoin ETFs now have 84% of the Bitcoin that Satoshi has, on track to take over the top spot by Halloween,” Balchunas noted.
As of August 27, U.S. Bitcoin ETFs collectively hold 921,540 BTC. Notably, BlackRock’s Bitcoin ETF alone recorded a staggering $224 million in inflows in a single day. Nakamoto is believed to hold approximately 1.1 million BTC, although some analysts suggest this figure might be inflated, with more conservative estimates placing his holdings around 700,000 BTC.
The list of top Bitcoin holders includes major entities like the Binance exchange, MicroStrategy, Bitfinex, and even the U.S. and Chinese governments. However, Satoshi’s potential loss of the top spot is not just a matter of numbers; it could have significant implications for the market.
There is speculation about whether Nakamoto implemented a “dead man’s switch,” a mechanism that would transfer his wealth upon his passing. If such a transfer were to occur, it could trigger a major market event. Earlier this year, the repayment of funds from the Mt. Gox exchange led to a significant market downturn. The release of Nakamoto’s Bitcoin could potentially cause an even more severe market shock.
As the Halloween deadline approaches, all eyes are on these ETFs as they inch closer to surpassing Nakamoto’s holdings, marking a historic moment in the cryptocurrency world.
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