In a remarkable achievement, US Spot Bitcoin ETFs now hold roughly 1.1 million BTC (5.2% of the total supply) after just one year of operations—eclipsing the holdings of the iconic wallet attributed to Bitcoin’s creator, Satoshi Nakamoto.

Here we can see the total amount of BTC held by large entities. Image via Bloomberg.

The fact that we can now say that US spot ETFs hold more BTC than Satoshi himself highlights the rising retail and institutional accessibility to Bitcoin through regulated investment vehicles, making it easier for everyday investors to participate in the digital asset space. The introduction of ETFs were a pivotal step forward for the sector, paving the way for more inflows and broader adoption in the future.

As we continue to see the collection of BTC by larger players, and continued adoption— we will likely see more supply constraints in the foreseeable future. Image of the front page of The Wall Street Journal, as of 11.12.24.

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