U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) will soon hold more than one million tokens of the largest cryptocurrency by market capitalization.
Analysts say the milestone is likely to be reached after only 10 months of trading in the spot Bitcoin ETFs that received regulatory approval in the U.S. in January of this year.
The collection of about a dozen spot Bitcoin ETFs in the U.S. currently hold 967,459 BTC tokens and are likely to cross the one million mark within the next few weeks, say analysts.
The Bitcoin ETFs are close to holding as many physical Bitcoin tokens as the cryptocurrency’s founder Satoshi Nakamoto, who owns 1.1 million BTC tokens.
Satoshi is a pseudonym and the real identity of the Bitcoin founder has not been confirmed.
Binance, which is the world’s largest cryptocurrency exchange, currently holds 636,000 Bitcoin through its customer accounts.
BlackRock's iShares Bitcoin Trust (IBIT) is the ETF that holds the most Bitcoin at 396,922 tokens. Analysts expect that holding to surpass 400,000 in coming weeks.
Interest in spot Bitcoin ETFs has increased in recent weeks after declining over the summer months. Last week, the funds saw their biggest single day of inflows since June of this year.
The total amount of capital added to the Bitcoin funds over the past week was $2.1 billion U.S., the most since March of this year.
Bitcoin’s price is currently at $68,000 U.S., having gained 54% on the year.
