Spot Bitcoin ETFs on track to pass Satoshi in BTC Maintained as positive flows

Total holdings of new US Bitcoin ETFs launched in January have reached 909,700 BTC.

In a post on X on August 13, Bloomberg senior ETF analyst Eric Balchunas compared each fund’s numbers to BTC holdings from corporations and even the asset’s founder Satoshi Nakamoto.

“I didn’t realize that US ETFs are on track to pass Satoshi to Bitcoin held in October.”

I didn’t realize that US ETFs are well on their way to passing Satoshi in bitcoin held in October. BlackRock alone is already No. 3 and on track to be No. 1 by the end of next year, and likely to stay there for a long time. @EdmondsonShaun pic.twitter.com/QGsO00zrxp

— Eric Balchunas (@EricBalchunas) August 12, 2024

Bitcoin ETF flows turn positive

Satoshi allegedly has around 1.1 million BTC, although this figure remains a source of debate and has not been officially confirmed. However, the combined holdings of Bitcoin spot ETFs are likely to exceed one million in the next two months.

“Only BlackRock is already No. 3 and is on track to be No. 1 by the end of next year and will probably stay there for a long time,” exclaimed Balchunas.

BlackRock’s iShares Bitcoin Trust (IBIT) holds 347,767 BTC with a current market value of about $21 billion.

BitMEX Research noted that Coinbase holds around two million BTC, but Balchunas responded, stating that the figures do not include custodians: “We would never count a custodian in an asset ranking.”

Tolou Capital Management founder Spencer Hakimian commented:

“People underestimate how reluctant institutions were to own Bitcoin on exchanges. Owning via ETF is a game changer. It allows risk averse institutions to finally own Bitcoin. Game changer.”

On August 12, local Bitcoin ETF flows were positive with a total total inflow of $28 million.

Ark 21Shares ( ARKB ) led the pack with an inflow of $35.4 million, followed by BlackRock ( IBIT ) with $13.4 million. There was a minor inflow of $7.9 million in Grayscales Mini Bitcoin Trust (BTC), but its main fund (GBTC) continued to exit, losing $11.8 million on the day.

Bitcoin ETF Flow (USD Million) – 2024-08-12

TOTAL NET HORSEPOWER: 27.8
(provisional data)

IBIT: 13.4
FBTC: 0
BITB: -17.1
ARKB: 35.4
BTC: 0
EZBC: 0
BRRR: 0
HODL: 0
BTCW: 0
GBTC: -11.8
BTC: 7.9

For full details and disclaimers visit: https://t.co/04S8jMGl07

— Farside Investors (@FarsideUK) August 13, 2024

Ethereum ETFs enter again

Ether-based spot ETFs also had a good day with aggregate inflows of $4.9 million, reversing a three-day trading trend of outflows.

Fidelity’s FETH led the way with $4 million inflows, while Bitwise (ETHW) had $2.9 million. BlackRock’s iShares Ethereum Trust ( ETHA ) had a day of zero flow.

Grayscale (ETHE) exits stopped on Monday and there was zero flow for the first time since the products were launched on July 23rd.

Meanwhile, ETH markets rallied strongly, with the asset gaining 6.4% on the day to surpass $2,700 during Tuesday morning’s Asian trading session.

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