Corporate Bitcoin buyers went on a shopping spree last week, scooping up over 6,700 BTC worth about $1.2 billion. Japanese investment firm Metaplanet led the charge by grabbing 5,268 Bitcoin in one shot on Wednesday, showing serious conviction at these price levels.
But here’s the thing – analysts say the real driver behind Bitcoin’s surge past $124,000 wasn’t corporate treasuries at all. It was the absolutely massive ETF inflows that did the heavy lifting. Spot Bitcoin ETFs pulled in a staggering $3.24 billion last week, nearly matching their record week from November 2024.
Vincent Liu from Kronos Research made it pretty clear that ETF money sparked the price jump, though he noted other factors like tight exchange supply and a weaker dollar helped push things along. The institutional demand just kept building momentum through the weekend.
The numbers tell a wild story about supply and demand. Miners only produce roughly 900 Bitcoin per day, but companies are buying around 1,755 coins daily while ETFs grab another 1,430. That’s way more buying than new supply hitting the market.
Binance’s Australia boss said this rally reflects a structural market shift beyond short-term speculation, with global regulatory progress and institutional inflows cementing Bitcoin’s place in mainstream finance. ETFs now control over 1.5 million Bitcoin worth $188 billion, representing 7.2% of the total supply. Corporate treasuries hold another 1.4 million coins valued above $166 billion.
Analysts expect ETF inflows to keep fueling rallies through year-end as institutional adoption accelerates.
Conclusion
Companies bought $1.2 billion in Bitcoin last week, but massive $3.24 billion ETF inflows primarily drove BTC past $125,000 to new all-time highs.
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