An email sent by Satoshi Nakamoto to Adam Back in August 2008 has resurfaced after 17 years. This event coincided with record Bitcoin ETF holdings and a new wave of institutional adoption.
Satoshi Nakamoto Email: A Key Point in Bitcoin History
According to reports, on August 20, 2008, Satoshi Nakamoto sent an email to Adam Back, the inventor of Hashcash. In the message, Satoshi cited Back’s 2002 paper as a key reference for his new project.
He attached a draft of his paper titled "Electronic Cash Without a Trusted Third Party," which later became known as the Bitcoin Whitepaper. In the email, Satoshi Nakamoto explained how Bitcoin would work and described a way to stop double-spending by using a chain of proof-of-work. Each transaction would be timestamped and added to the chain. The longest chain, backed by the most computer power, would be considered the valid record.
Satoshi noted that digital signatures alone could not prevent fraud if a trusted third party was needed. Instead, he proposed a peer-to-peer network where nodes could leave and rejoin freely.
Institutional Adoption of Bitcoin
While Satoshi's early work resurfaced, Bitcoin in 2025 looked very different. It has moved beyond an idea among a small community online, now representing a valuable financial asset among leading institutional investors. Market analysts suggested that Bitcoin could reach new all-time highs between October and December 2025, per the adoption trend. Some traders pointed to cycle charts projecting possible peaks between $161,663 and $207,623. Observers noted that large investors, often called whales, played a significant role in short-term moves, buying during low sentiment and selling when demand rose. The dynamic of institutions trying to accumulate Bitcoin suggests a larger shift in the digital asset ecosystem.
Record Bitcoin ETF Holdings
Additionally, institutional adoption became clearer with the rise of U.S. spot Bitcoin exchange-traded funds. On August 17, the combined holdings of these ETFs reached a record 1.25 million BTC. This was the highest level recorded since their launch and was seen as a strong signal of demand from large investors. BlackRock’s iShares Bitcoin Trust led the group, holding 748,968 BTC, or 59.9% of all ETF Bitcoin. Fidelity’s FBTC followed with 199,798 BTC. Together, the two firms controlled more than three-quarters of ETF-held Bitcoin. This shift marked the end of an era where one fund dominated the market, replaced instead by competition among traditional asset managers.
The resurfacing of Satoshi Nakamoto's email serves as a reminder to the crypto community of Bitcoin's origins and reveals how far the market has come. The development of institutional adoption and ETF growth signifies new stages in Bitcoin’s evolution as a financial asset.
