The post Spot Bitcoin ETFs’ holdings surpass Satoshi’s stash – A ‘dangerous sign’ or… appeared on BitcoinEthereumNews.com.

Bitcoin ETFs now hold more Bitcoin than Satoshi Nakamoto – a sign of robust demand ETF activity has significantly ballooned this year, spurring BTC’s price on the charts Spot Bitcoin ETFs have been crucial to the cryptocurrency’s demand so far this year. In fact, their level of accumulation has hit new heights over the last few months, to the extent that they recently surpassed Satoshi Nakamoto’s holdings. Spot Bitcoin ETFs in the U.S reportedly held 1.104 million coins, as of 6 December. This was higher than the 1.1 million coins in an address belonging to Bitcoin’s Satoshi Nakamoto. This means institutions in the U.S now control the biggest share of BTC in circulation. This was first revealed by Bloomberg’s Eric Balchunas who tweeted, “KING OF THE HILL: The US spot ETFs have just passed Satoshi in total bitcoin held, now hold more than 1.1m, more than anyone in the world, and they’re not even a year old yet, literally babies still. Mind blowing.” This development is a testament to robust institutional demand across the market. And yet, this outcome has not been without criticism. Jonas Schnelli, a former Bitcoin developer criticized this milestone, describing it as a sign of centralization. Centralization concerns in the crypto market stem from control issues. If too much of Bitcoin is controlled by centralized entities, it paves the way for a 51% attack. However, the current institutional holdings only account for roughly 5.5% of the total circulating supply. The current institutional holdings are also spread out across multiple companies that operate Bitcoin ETFs. On the contrary, it may not necessarily be a matter of centralization, but concentration. A milestone for Bitcoin institutional adoption The fact that ETFs now have the lion’s share of BTC holdings is a testament to the level of Bitcoin’s attractiveness to…

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Filed under: News - @ December 7, 2024 9:20 pm