David Edwards
US-traded spot Bitcoin ETFs have reached a major milestone, collectively holding 1.07 million BTC as of November 14. At current market prices, this stash is valued at nearly $96 billion, underscoring the growing institutional adoption of Bitcoin.
Surpassing Satoshi Nakamoto’s Holdings
Bloomberg ETF analyst James Seyffart noted the rapid growth of Bitcoin ETFs, suggesting they could soon surpass the estimated 1.1 million BTC held by Bitcoin’s pseudonymous creator, Satoshi Nakamoto. This shift highlights the rising dominance of ETFs in the cryptocurrency ecosystem.
BlackRock’s Record-Breaking Bitcoin ETF
BlackRock’s iShares Bitcoin Trust (IBIT) has emerged as a dominant player, achieving $40 billion in assets under management (AUM) within just 211 days. Bloomberg senior ETF analyst Eric Balchunas highlighted this as a record-breaking feat, far outpacing the 1,253 days it took for the previous leader, the iShares Core MSCI Emerging Markets ETF (IEMG), to reach the same milestone.
Weekly Inflows Signal Strength
According to data from Farside Investors, US Bitcoin ETFs recorded $2.4 billion in inflows this week, with IBIT leading the pack by capturing $1.8 billion—accounting for 73% of the total. These figures already surpass last week’s $1.6 billion inflows, signaling strong investor confidence.
Shift to Spot Bitcoin Exposure
A recent Glassnode report highlights a growing investor preference for spot-driven Bitcoin exposure through ETFs rather than futures contracts. The analysis showed that the perpetual futures market premium peaked below March levels on November 12, further suggesting that spot buying pressure is fueling Bitcoin’s current rally.
Vanguard’s Reluctance to Join
Despite the success of Bitcoin ETFs, investment giant Vanguard has resisted offering spot Bitcoin or Ethereum ETFs, citing doubts about their value for long-term portfolios. However, Nate Geraci, CEO of The ETF Store, predicts Vanguard will capitulate within the next year if Bitcoin’s momentum continues. Bloomberg’s Balchunas, however, remains skeptical of Vanguard’s potential entry, criticizing the firm’s reluctance as a missed opportunity.
