Bloomberg analyst Eric Balchunas has concluded that the combined holdings of 12 spot Bitcoin ETFs now exceed the estimated stash of Bitcoin’s creator, Satoshi Nakamoto.

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. h/t @EdmondsonShaun for the data pic.twitter.com/FQBIGGz5ei
— Eric Balchunas (@EricBalchunas) December 6, 2024

“King of the hill: U.S. spot ETFs have just surpassed Satoshi in total Bitcoin holdings. They now control over 1.1 million BTC—more than anyone else in the world. And these funds aren’t even a year old yet—they’re practically infants. Incredible!” Balchunas wrote.

Bitcoin ETF Holdings

According to SoSo Value, the 12 publicly traded Bitcoin ETFs manage assets worth $112.74 billion. Leading the pack is BlackRock’s iShares Bitcoin Trust (IBIT), which recently surpassed 500,000 BTC in holdings.

Inflow momentum remains strong, with consistent progress seen across Bitcoin-based ETFs and Ethereum funds. The cumulative inflow since the approval of BTC-ETFs in January has reached $32.3 billion.

Satoshi’s Fortune

Researchers, including Sergio Demian Lerner, estimate Satoshi Nakamoto’s wealth to be around 1.1 million BTC. This figure stems from an in-depth analysis of early Bitcoin mining activity, where Lerner identified the so-called “Patoshi Pattern” in the blockchain.

Satoshi is believed to have mined approximately 22,000 blocks during Bitcoin’s infancy. With a block reward of 50 BTC at the time, this amounts to roughly 1.1 million BTC. These coins have remained untouched since their creation.

At the current market price, 1.1 million BTC is valued at over $100 billion, making Satoshi one of the wealthiest individuals globally. This would place the mysterious creator alongside names like Elon Musk, Larry Ellison, and Jeff Bezos. However, questions linger over whether Satoshi is still alive and whether the private keys to this fortune are lost forever.

Broader Market Impact

The dominance of Bitcoin ETFs underscores their growing influence in the cryptocurrency space. On the heels of Bitcoin’s retreat from the $100,000 level, BlackRock recently added 7,750 BTC to its holdings, reflecting continued institutional interest in digital assets.

As ETFs reshape the investment landscape, their rapid growth raises intriguing questions about the evolving dynamics of Bitcoin ownership and market power.