Market data now shows that the combined Bitcoin holdings of spot Bitcoin ETFs and Michael Saylor’s MicroStrategy have officially surpassed the amount attributed to Bitcoin’s mysterious creator, Satoshi Nakamoto. This remarkable milestone was announced by Ki Young Ju, CEO of on-chain analytics firm CryptoQuant, as the accumulation trend draws increased attention across crypto circles.
Staggering accumulation numbers
According to Ju, MicroStrategy has acquired 711,206 BTC since January 2023, selling only 32 BTC throughout that period. This translates to 711,174 BTC effectively withdrawn from the market. Known for its aggressive Bitcoin treasury strategy, MicroStrategy, a US-based business intelligence company, has become the centerpiece of institutional BTC accumulation.
Ki Young Ju from CryptoQuant noted that the amount of Bitcoin absorbed by ETFs and MicroStrategy now exceeds that attributed to Satoshi Nakamoto, although prices have reverted to similar levels.
By March 2024, with Bitcoin trading near $63,000 and spot ETFs newly launched in early January, these ETFs had amassed 509,102 BTC, while MicroStrategy added 650,706 BTC to its reserves. The combined total reached a striking 1,240,808 BTC, marking a historical first for institutional and investment fund holdings relative to legendary crypto figures.
Breakdown of major holders
The accumulation by spot Bitcoin ETFs and MicroStrategy reflects the strongest institutional appetite in crypto’s history. Here’s a look at the latest numbers:
| Category | BTC Amount |
|---|---|
| Spot ETF holdings | 509,102 BTC |
| MicroStrategy holdings | 650,706 BTC |
| Total | 1,240,808 BTC |
| Estimated Satoshi holdings | Over 1 million BTC |
| Exchange reserves | About 2.7 million BTC |
Supply side dynamics on exchanges
Currently, crypto exchanges hold about 2.7 million BTC in their reserves. In comparison, the widely cited estimate suggests that Satoshi Nakamoto has control over more than 1 million BTC that have remained untouched since Bitcoin’s early days. The combined ETF and MicroStrategy holdings now exceed even this legendary figure and represent nearly half of all BTC sitting in exchange wallets worldwide.
These numbers spotlight how quickly the liquid supply of Bitcoin is contracting as major institutions snap up the asset. Yet, analysts are drawing attention to the apparent disconnect between the shrinking available supply and the lack of corresponding bullish price movement in recent weeks.
Fresh price pressure and the latest drop
Bitcoin slipped back below $62,000 following a surge in selling pressure. Within just 24 hours, more than $1.5 billion in leveraged crypto positions were liquidated, including over $800 million tied to Bitcoin and $386 million in Ethereum positions, underscoring the risk still present in a volatile market.
Ju highlighted the unusual strength of selling pressure, noting that despite the market absorbing more Bitcoin than Satoshi ever accumulated and draining nearly half of exchange reserves, prices have retraced back to previous levels.
The recent pullback pushed Bitcoin below the $63,000 region last seen when ETFs and MicroStrategy made their historic purchases in March 2024. Ju described the process as resembling a wholesale handoff between very large players, with the average cost basis for investors now hovering around $53,000.
Watching realized price levels
According to CryptoQuant’s CEO, in previous bear markets, Bitcoin’s price typically bottomed out after dropping below the realized price level. However, Ju believes a repeat of that scenario is unlikely this cycle due to ongoing institutional inflows and MicroStrategy’s steadfast hold, with near-zero sales activity since their accumulation began.
Glossary: Realized price is an on-chain metric that calculates the average price at which all circulating coins last moved. It’s a key indicator investors use to analyze the collective cost basis in the market.
