Bitcoin exchange-traded funds (ETF) are extremely close to surpassing Satoshi Nakamoto as the top holders of the leading cryptocurrency by market capitalization.
According to data provided by ETF analyst Eric Balchunas, these products are now 97% of the way to achieving this substantial milestone. However, some experts believe that Satoshi’s Bitcoin holdings (which are believed to be in the ballpark of 1.1 million) are exaggerated.
Bitcoin ETFs are also close to surpassing gold ETFs in terms of total holdings (97%).
As reported by U.Today, Balchunas recently predicted that Bitcoin ETFs would be able to triple gold ETFs, arguing that the “digital gold” is far more appealing due to higher volatility.
Galaxy Digital CEO Mike Novogratz recently opined that Bitcoin was significantly more attractive to younger investors compared to the yellow metal. The billionaire believes that Bitcoin will eventually be able to flip gold’s market cap over the next 10 years.
Bitcoin ETFs remain the most powerful bullish catalyst for the leading cryptocurrency.
According to data provided by crypto analytics platform SoSoValue, Bitcoin ETFs attracted a whopping $795 million worth of fresh inflows on Wednesday. Bitcoin’s IBIT, of course, accounted for the lion’s share of that sum (more than $626 million).
As reported by U.Today, spot Bitcoin ETFs have now surpassed $100 billion in net assets, which marks a substantial milestone for these newfangled products.
According to CoinGecko data, the Bitcoin price reached a new record high above the $98,000 level earlier today.