On a key date in Bitcoin’s history, spot Bitcoin ETFs are writing a new chapter, as allocations to the asset crossed a critical threshold on accelerating interest from investors.

Spot Bitcoin ETFs pulled in $893 million Wednesday, per data from Farside Investors, pushing the funds’ collective Bitcoin holdings to over 1 million BTC. The Wall Street trove has grown by $24.2 billion worth of inflows since the products were approved in January, while nipping away at the heels of crypto’s founding father.

Bitcoin’s pseudonymous creator Satoshi Nakamoto, who vanished from the internet in 2011, still holds a whopping 1.1 million Bitcoin worth $79 billion at present. At the current rate that spot Bitcoin ETFs are sucking up coins, Bloomberg ETF analyst Eric Balchunas estimated that the crypto pioneer could be overtaken by the group of eleven Wall Street products in terms of holdings soon.

“At this rate, they’ll pass Satoshi in less than two weeks,” Balchunas wrote on Twitter (aka X) Wednesday. He noted the “Joey Chestnut-level pace” that ETFs are eating up Bitcoin’s supply, referencing the champion competitive eater.

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Author: André Beganski