The US spot Bitcoin ETFs collectively own 1 million BTC, reaching this goal sooner than expected thanks to major BlackRock purchases. At this rate, they will surpass Satoshi Nakamoto’s own holdings in two weeks.

The ETF issuers’ massive appetite for Bitcoin raised concerns about increasing centralization in the space.

ETFs’ New Milestone

In a surprising turn, US Bitcoin ETFs surpassed the milestone of holding 1 million BTC today. ETF issuer BlackRock hit a six-month trading volume high yesterday, with analysts estimating a week to reach this threshold. However, BlackRock accelerated the pace by purchasing over 12,000 BTC, reaching this goal early.

Read more: What Is a Bitcoin ETF?

Yesterday’s Bitcoin surge impacted BlackRock the most, but these mainline spot ETFs were not the only benefactors. Newly-approved ETF derivatives and other Bitcoin-related stocks like Riot and MicroStrategy also saw huge gains. Bloomberg ETF analyst Eric Balchunas credited this “Herculean run of inflows” for crossing the 1 million threshold ahead of expectations.

12,000 BTC a day keeps the doctor away! At this rate, they’ll pass Satoshi in less than two weeks. Although, they can’t keep up this Joey Chestnut-level pace,

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Author: Landon Manning