Buy US Bitcoin ETFs 1 million BTC, close to Satoshi’s Holdings

US spot Bitcoin ETFs have 1 million BTC per group, reaching this goal faster than expected thanks to major BlackRock acquisitions. At this rate, they will surpass Satoshi Nakamoto's holdings in two weeks.

ETF issuers' large appetite for bitcoin has raised concerns about increasing centralization in the space.

A new phase of ETF

Incredibly, US Bitcoin ETFs hit a record high of 1 million BTC today. ETF issuer BlackRock yesterday revealed a six-month high in trading volume, with analysts expecting a week to reach this level. But BlackRock picked up the pace by buying more than 12,000 BTC, a goal that was reached early.

Read more: What is a Bitcoin ETF?

Yesterday's bitcoin bust had a big impact on BlackRock, but these mainstream ETFs weren't the only benefactors. Newly approved ETF derivatives and other bitcoin-related stocks like Riot and MicroStrategy also made big gains. Bloomberg ETF analyst Eric Balchunas credited this “Herculean inflow of revenue” with exceeding the expected 1 million threshold.

12,000 BTC a day keeps the doctor away! At this rate, they'll pass Satoshi in less than two weeks. Although, you can't keep up this level of joyousness, can you?” Balchunas thanked the champion hot dog eater in a social media post.

Bitcoin ETFs led by BlackRock now surpass Satoshi Nakamoto's 1.1 million BTC holdings. Just two days ago, Balchunas estimated that this would happen in mid-December, correcting it from yesterday to the end of November. However, even that projection now appears conservative, and another major acquisition could push the timeline forward once more.

However, these purchases have caused anxiety in the crypto space. Bitcoin was created to be a decentralized, ownerless, trustless currency system. The community constantly fears decentralization, and giant EFAs may have changed the stakes.

“Remind the little guy to ‘get yours' while you still can. There's going to be an absolutely massive supply shock going in,” analyst Shawn Edmondson warned.

Read more: Who will have the most Bitcoins in 2024?

In other words, Bitcoin is more accepted by traditional finance, but these institutions can change it in turn. Last week, ETF issuers bought nearly five times the amount of BTC produced by the mining industry as a whole. Not only is this staggering consumption unsustainable, it could make Bitcoin purchases impossible for private individuals.

This chapter, fittingly, comes on the sixteenth anniversary of Satoshi Nakamoto's first Bitcoin white paper. Since then, the place has grown and changed unimaginably. While cryptocurrency already existed as a theoretical concept, Bitcoin pioneered a trustless and decentralized blockchain. It will be interesting to see how this vision holds up.