US Spot Bitcoin ETFs Flip Nakamoto To Become Largest BTC Holder, Here’s How Much They’ve Bought

Scott Matherson

6 months ago

3 mins read

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US Spot Bitcoin ETFs have significantly transformed both Bitcoin and the broader crypto industry. These ETFs have seen their value and holdings grow massively since their launch in January 2024, breaking multiple ETF records in traditional finance.

As it stands, US Spot Bitcoin ETFs have now surpassed BTC’s elusive creator, Satoshi Nakamoto, as the largest holder of Bitcoin.

A Historic Milestone For Bitcoin ETFs

US Spot Bitcoin ETFs have reached a remarkable milestone, becoming the single largest holder of the top coin. Currently, the 12 US Spot Bitcoin ETF providers collectively hold 1,104,534 BTC, which is around 5.62% of the entire Bitcoin market cap. As such, they have now exceeded Satoshi Nakamoto’s stash of 1,100,000 BTC, which has remained untouched since his disappearance. Notably, these 1,100,000 BTC, mined during the early days of Bitcoin, have remained stagnant for over a decade.

The remarkable achievement by US Spot Bitcoin ETFs is the result of consistent inflows, which have played a significant role in driving its price above the critical $100,000 psychological threshold. Recent data from SosoValue highlights that US Spot BTC ETFs have recorded seven consecutive trading days of inflows, with the most recent surge being $376.59 million on December 6.

Interestingly, this streak of inflows extends far beyond the last seven trading days. Over the past 40 trading days, US Spot Bitcoin ETFs have experienced inflows on 32 occasions, reflecting a sustained trend of investor interest. The total holdings of US Spot Bitcoin ETFs have significantly strengthened due to these consistent inflows and are now valued at $112.74 billion based on the current price of the digital currency.

Implications Of Growing ETF Dominance

The growth of Spot Bitcoin ETFs as the largest holders of BTC points to a maturing market and reflects a shift in the crypto’s appeal to institutional investors. Institutional participation has increased considerably, as the ETFs offer a regulated means for investors to gain exposure to the crypto without directly holding the cryptocurrency. This has prompted many market participants to suggest that BTC might be transitioning into an asset for institutional holders and not for retail investors anymore.

BTCUSD is currently trading at $99,737. Chart: TradingView

Nonetheless, the momentum behind Spot ETFs is unlikely to stop anytime soon. The inflow is projected to keep increasing with increasing adoption and approval in other major markets, like the European market. However, it also raises the question of market influence and centralization of crypto holdings.

Interestingly, on-chain data shows that many long-term holders of Bitcoin holding in self-custody have also opted to transfer their assets into these spot ETFs in order to take advantage of their regulatory clarity.

At the time of writing, the BTC price is trading at $99,650 and is still looking to register a decisive break above the $100,000 price level.

Featured image from Blue Trust, chart from TradingView

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

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