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In a race to the top, BlackRock’s IBIT Bitcoin ETF is fast approaching Satoshi Nakamoto’s massive 1.1 million BTC holdings, potentially overtaking them within a year, according to recent reports.
BlackRock’s IBIT Bitcoin ETF Holds 347,767 BTC
The biggest Bitcoin fund on the market, BlackRock, the biggest asset manager in the world, had a banner year with the introduction of spot Bitcoin ETFs.
If the current rate of accumulation persists, BlackRock's IBIT will surpass Satoshi Nakamoto's Bitcoin holdings in one year, Coingape reports.
The top 10 Bitcoin holders in the world were revealed by Bloomberg ETF expert Eric Balchunas. As of this writing, BlackRock Bitcoin ETF IBIT has 347,767 Bitcoins in its holdings, putting it in third place. Binance Exchange (550,133 BTC) and Satoshi Nakamoto (1.1 million BTC) are the only two participants higher than IBIT.
Top US Bitcoin ETFs Could Eclipse Satoshi Nakamoto's Holdings by October
According to Balchunas, IBIT is setting itself up to become the leading Bitcoin fund in the coming year. Along with IBIT, additional top ten Bitcoin holdings include FBTC (Fidelity), BTC (Grayscale), and GBTC (Greyscale). According to Balchunas, their combined holdings might surpass Satoshi Nakamoto's by October.
Spot Bitcoin ETF movements have been very unpredictable, with large outflows seen in the last week alone.
Monday, August 13, saw more than $27 million poured into US Bitcoin exchange-traded funds, setting the tone for a positive week. With $35.4 million, ARKB from Ark Invest was the most heavily inflowed, followed by IBIT from BlackRock with $13.4 million. The outflow of BITB from Bitwise was $17.1 million, while the outflow of GBTC from Grayscale was $11.8 million.
As a result of short covering in the run-up to the US CPI data release, the price of Bitcoin has jumped 1.5 percent to $60,000. Before deciding to move on with rate decreases in September, the Federal Reserve will need the CPI statistics for the month of July. There is a current market split on whether September will see a 25 bps or 50 bps rate drop.
Crypto Funds Bring In $176 Million Despite Volatility
Crypto funds nonetheless managed to bring in $176 million last week, thanks in large part to the Ethereum ETF, despite the market volatility.
