Satoshi predicted to lose Bitcoin crown by Christmas🎄
In an X post on October 15, Bloomberg's top ETF analyst Eric Balchunas predicted that Bitcoin ETFs would overtake Satoshi Nakamoto as the largest Bitcoin holders by Christmas 🎄.
At present, their total holdings amount to 938,533 BTC. Some whales previously reported that Bitcoin experienced inflows of about $550 million 💰, pushing ETF net inflows close to the $20 billion mark. Despite these substantial inflows, the price of Bitcoin has remained relatively stagnant 📉.
Balchunas explained, "Price is the net result of buyers and sellers, so if ETFs were buying, the only explanation is that other holders were selling as much or more.
Once again, the call is coming from inside the house 📞." David Lawant, head of research at FalconX, noted a "statistically significant" correlation of 0.30 between changes in ETF flows and Bitcoin prices 📊.
Lawant suggested that if the market finds a sustainable direction, this correlation "may continue to intensify." 📈
