According to leading ETF analyst Eric Balchunas, mysterious Bitcoin creator Satoshi Nakamoto is expected to lose his status as the biggest holder of the leading cryptocurrency.
As noted by Balchunas, US spot Bitcoin ETFs now have close to 84% of the total Bitcoin holdings of Nakamoto.
The red-hot investment products are now expected to overtake Bitcoin by Halloween.
This impressive pace of inflows is faster than initially expected, according to Balchunas.
“US spot bitcoin ETFs now have 84% of the bitcoin that Satoshi has, on track to have more and take over the top spot by Halloween,” Balchunas noted.
Alex DovbnyaAs of Aug. 27, US Bitcoin ETFs hold a total of 921,540 BTC. As reported by U.Today, BlackRock's Bitcoin ETF recorded a staggering $224 million worth of inflows on Monday alone.
Nakamoto is believed to hold 1.1 million. However, some analysts believe that these holdings might be overestimated. For instance, Satoshi came up with a more modest estimate of roughly 700,000 BTC.
Who are the other top Bitcoin holders?
The list of the top Bitcoin holders also includes the Binance exchange, business intelligence firm MicroStrategy, cryptocurrency trading platform Bitfinex as well as the U.S. and Chinese governments.
Arman ShirinyanStill, it is not clear whether Satoshi has implemented some sort of a dead man's switch in order to pass on his exorbitant wealth.
If Satoshi's loved ones were to start their inherited Bitcoins, this could end up being a major black swan event for the market.
Earlier this year, Mt. Gox repayments caused a major market meltdown. Satoshi's Bitcoins could potentially trigger a substantially more severe market shock.
Godfrey Benjamin
Dan Burgin
Vladislav Sopov