Bing-ge has come of age.
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吃白饭的大肥鱼
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9 pages, 18 years—from less than $0.001 to $1.55 trillion. This white paper has come of age, and this whale is going to tally up the numbers first.
On October 31, 2008, Satoshi Nakamoto posted the 9-page “Bitcoin: A Peer-to-Peer Electronic Cash System” to a cryptography mailing list. The first block was mined on January 3, 2009.
Here’s what the snapshot looks like 18 years later:
1. As of October 31, U.S. spot $BTC ETFs collectively held about 1.28 million bitcoins, roughly 6.36% of the circulating supply, with total net assets of about $102.97 billion. BlackRock’s IBIT accounted for about $66 billion;
2. As of October 25, Strategy held 848,517 bitcoins, more than 4% of the 21 million maximum supply;
3. On March 9, 2026, the 20 millionth bitcoin was mined at block 940,000. Fewer than 1 million remain to be issued, through around 2140;
4. The snapshot price on November 1 was about $77,300, with a market cap of about $1.55 trillion—roughly 39% below its all-time high of $126,223 on October 6, 2025.
This whale’s take: the white paper originally set out to solve the problem of making direct payments without banks. Eighteen years later, what it has become first and foremost is an allocation in institutional balance sheets and fund portfolios, rather than a day-to-day payment tool. That shift is more worth watching than the price itself. ETF holdings as a share of supply, changes in corporate treasuries, and the pace of remaining issuance are the three yardsticks for judging whether it should be considered an asset or a currency.
On October 31, 2008, Satoshi Nakamoto posted the 9-page “Bitcoin: A Peer-to-Peer Electronic Cash System” to a cryptography mailing list. The first block was mined on January 3, 2009.
Here’s what the snapshot looks like 18 years later:
1. As of October 31, U.S. spot $BTC ETFs collectively held about 1.28 million bitcoins, roughly 6.36% of the circulating supply, with total net assets of about $102.97 billion. BlackRock’s IBIT accounted for about $66 billion;
2. As of October 25, Strategy held 848,517 bitcoins, more than 4% of the 21 million maximum supply;
3. On March 9, 2026, the 20 millionth bitcoin was mined at block 940,000. Fewer than 1 million remain to be issued, through around 2140;
4. The snapshot price on November 1 was about $77,300, with a market cap of about $1.55 trillion—roughly 39% below its all-time high of $126,223 on October 6, 2025.
This whale’s take: the white paper originally set out to solve the problem of making direct payments without banks. Eighteen years later, what it has become first and foremost is an allocation in institutional balance sheets and fund portfolios, rather than a day-to-day payment tool. That shift is more worth watching than the price itself. ETF holdings as a share of supply, changes in corporate treasuries, and the pace of remaining issuance are the three yardsticks for judging whether it should be considered an asset or a currency.
