The mysterious creator of Bitcoin is believed to hold around 1.1 million BTC. As Bitcoin ETFs continue to attract huge inflows, the total amount being invested is rapidly increasing, raising questions about the safety of Satoshi’s stash.
Bitcoin ETFs see massive inflows, who will be the biggest holder?
Bitcoin ETFs have experienced impressive inflows, with $253.6 million on October 11, $555.9 million on October 14, and $371 million on October 15.
This trend caught the attention of Eric Balchunas, a well-known ETF analyst at Bloomberg, and he predicts that by Christmas, Bitcoin ETFs could surpass Satoshi Nakamoto as the largest holders of Bitcoin.
“Monster flow day for the bitcoin ETFs, over half a billion in total net flows. They are now 94% of the way to holding 1 million BTC and just 85% away from passing Satoshi as the largest holder in the world—there’s a real chance to hit this milestone by Christmas.”
One million BTC, the community hype intensifies
Right now, Bitcoin ETFs hold about 938,533 BTC, as these funds are approaching an important milestone of $20 billion in net inflows.
Analysts estimate that Satoshi Nakamoto holds around 1.1 million BTC, which means institutional Bitcoin ETFs are quickly closing in on this benchmark.
The growth in ETF inflows also led many to speculate that these funds will soon rival Nakamoto’s holdings. Yet, some voices in the community have raised doubts.
One user on X pointed out that there is no solid proof that Satoshi himself owns 1 million BTC.
Another user questioned why there are such large inflows but weak price movements in Bitcoin.
Correlation between price and transfers
David Lawant, Head of Research at FalconX, responded to these concerns by stating that while there is a statistically provable relationship between ETF flows and price changes, it isn’t very strong.
He explained that the correlation coefficient is only 0.30, meaning that less than 10% of price changes can be explained by changes in net flows.
This news comes just one day after a dormant Bitcoin wallet from the Satoshi era became active again, causing big buzz in the crypto community.
This wallet, which mined its coins back in 2009, transferred about $630,000 worth of BTC to Kraken on October 14, sparking curiosity and speculation. By the way, the address isn’t Satoshi’s, or at least, it’s very, very unlikely.
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