- Bitcoin ETFs are accumulating significant inflows, nearly $20 billion in net inflows
- Bitcoin was valued at $67,847 at the time of writing – a sign of strong resilience amid market developments
Like Bitcoin [BTC] ETFs continued their impressive inflows, accumulating $253.6 million on October 11, $555.9 million on October 14 and $371 million on October 15. The momentum is undeniable.
Eric Balchunas’ comments raise concerns
Seeing this, Eric Balchunasa prominent ETF analyst at Bloomberg, made a bold prediction.
He believes BTC ETFs are poised to surpass Satoshi Nakamoto, the enigmatic creator of Bitcoin, as the largest holders of the flagship cryptocurrency by Christmas.
“Monster flow day for the bitcoin ETFs, well over half a billion, total net flows (most imp number) are away from $20 billion. They are now 94% of the way to owning 1 million bitcoin and 85% of overtaking Satoshi as the world’s largest holder – a legitimate shot at reaching the milestone by Christmas. Ht @EdmondsonShaun.”
Source: Eric Balchunas/X
Currently, the total holdings of Bitcoin ETFs stand at an impressive 938,533 BTC.
How is the community responding?
According to Farside InvestorsBitcoin ETFs are approaching the important milestone of $20 billion in net inflows.
Here it’s worth noting that analysts believe Satoshi Nakamoto owns around 1.1 million BTC – a benchmark that institutional Bitcoin ETFs are quickly approaching.
Due to the rapid inflows and growing interest in these investment vehicles, it seems increasingly likely that BTC ETFs will soon rival Nakamoto’s investments.
However, a X user painted a different picture when he said:
“There is no definitive proof that Satoshi owns 1 million BTC.”
Another X user soon came in and remarked,
“How can we have such monstrous inflows but weak price action?”
However, this argument was quickly dismissed David Lawanthead of research at cryptocurrency brokerage FalconX. He claimed,
“There is a statistically significant relationship between changes in ETF flows and prices, but it is not strong. The correlation coefficient is 0.30, which means that less than 10% of the price change can be explained by the change in net flows.”
What else happened related to Bitcoin?
Interestingly, this news broke just a day later after a dormant Bitcoin whale from the Satoshi era resurfaced, sparking intrigue in the crypto community.
The wallet, which first mined its coins in 2009, made waves by transferring around $630,000 worth of BTC to Kraken on October 14.