Source: Liu Jiaolian

Overnight BTC continued to follow the 30-day moving average to repair upwards, and was basically the same as the moving average of 98.9k. On Christmas Eve, U.S. spot ETF holdings have grown to 1.17 million BTC, ranking first in the world. This holding exceeds the 1.1 million BTC held by Satoshi Nakamoto’s suspected holding address.

In fact, as early as December 6, the holdings of US ETFs had exceeded 1.1 million.

U.S. gold ETF has been developing for 20 years, and its total market value was surpassed by BTC ETF in one year.

One million BTC is a 7-digit number of BTC. 10,000 BTC is a 5-digit BTC. So 6 digits is hundreds of thousands of BTC. A certain guy who boasted in front of the TV cameras that he "owns 6 digits of BTC" is now extremely rich.

However, even if there are more than 1 million BTC, divided by the total amount of 21 million, it is only about 5%. BTC holdings are still very dispersed.

Former BTC developer Jonas Schnelli commented: This is not something worth celebrating. This is a red flag for centralization—the very thing Bitcoin was designed to prevent.

But from another perspective, there are emerging entities holding more positions than Satoshi Nakamoto, which also eliminates concerns about the centralization of Satoshi Nakamoto’s single entity.

Perhaps you no longer need to worry that one day, Satoshi Nakamoto will be resurrected and destroy the market.

Although U.S. ETFs are all under U.S. supervision, they are still competing against each other by multiple entities. Although it's not the best, it's not the worst either.

The largest entity among them is BlackRock. Among the total holdings of 1.17 million BTC, one of them owns more than 540,000.

BlackRock CEO Larry Fink was a BTC skeptic a few years ago and once publicly called it a money laundering index. But if you know your mistakes and can correct them, there is no greater good. Larry Fink is now on the show everywhere, and he confessed "I was wrong" (I was wrong) and said BTC is a legitimate financial instrument (legitimate financial instrument).

Please note the difference between the English words legitimate and legal. Legitimate means legal and legitimate. It emphasizes that things or actions are morally, socially or rationally recognized, legitimate or reasonable, not just legal. Legal means legal, emphasizing actions, states or things that comply with legal provisions or legal requirements. It refers to something that is allowed or recognized under the legal framework.

If something does not comply with the current legal provisions, then it is illegal (illegal), but if it complies with people's common moral rationality, it is generally acceptedIf it is considered legitimate and reasonable, then it is legitimate. From a legal point of view, the laws of a society should never violate people's most common moral rationality, otherwise it will become a bad law.

People generally believe that legitimate and reasonable things should not be illegal in law, such as the right to possess and dispose of private property such as holding and exchanging BTC for individuals. It is generally believed that things that are unfair and unreasonable should not be legally defined as legal behaviors. For example, the abuse of power by certain public powers such as "distant ocean fishing" should be explicitly prohibited and the law should be amended to correct loopholes.

While the CEO of BlackRock, one of the largest asset management companies in the world, can calmly admit his past cognitive errors in front of the camera, there are also many experts and bloggers who The main understanding of BTC is still stuck in the old narrative of the Dutch tulip bubble and cannot extricate itself.

BlackRock has been operating gold ETFs in the United States since 2005, with an asset management scale of more than US$33 billion after 20 years of development. BlackRock has only started operating the BTC ETF in the United States in early 2024. In less than a year of development, its asset management scale has exceeded US$57 billion, nearly twice the asset size of the gold ETF it manages.

The CEO of BlackRock was deeply impressed and said that BTC deserved the title of "electronic gold".

For legal currency, everyone wants to get it because they can give it up in exchange for something useful to themselves. This is called gaining for giving up.

For BTC, everyone wants to get it, but it is because holding it can maintain its value for a long time. This is called acquiring for the sake of holding.

The value of legal currency depends on the use value it can be exchanged for. The value of BTC depends on how much value it can retain in the long term.

To hold rather than to give up, this is the true meaning of "electronic gold".