Bitcoin-stacking companies bought over 6,700 BTC last week, with the majority of the buying coming from Japanese investment firm Metaplanet.
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Update Oct.6, 5:40 am UTC: This article has been updated to include information from Binance Australia General Manager Matt Poblocki.
While Bitcoin treasury companies accumulated $1.2 billion in BTC last week, analysts suggest that Bitcoin’s new all-time high was more likely driven by inflows into Bitcoin exchange-traded funds.
Bitcoin went on to spike coming into the weekend, of over $125,000 on Saturday.
Bitcoin () treasury companies more than 6,702 coins over the week, led by Japanese investment firm Metaplanet, which added 5,258 Bitcoin on Wednesday.
In comparison, recorded a net inflow of last week, nearly matching their record week in November 2024.
ETF inflows behind price spike
Vincent Liu, chief investment officer at quantitative trading firm Kronos Research, told Cointelegraph that it was the ETF inflows that sparked Bitcoin’s price increase.
However, there were also other factors, such as “tight exchange supply, a weaker dollar, and macro uncertainty. Strong institutional demand is reinforcing the bullish momentum this last weekend,” he added.
Institutions have been snapping up more Bitcoin than miners can this year. On average, miners generate roughly 900 Bitcoin per day, while found that businesses acquired 1,755 Bitcoin per day and ETFs bought 1,430 Bitcoin per day on average in 2025.
Matt Poblocki, General Manager of Binance’s Australia and New Zealand operations, told Cointelegraph that the market is increasingly consolidating around blue-chip assets like Bitcoin, signaling a rotation toward long-term stability.
“Bitcoin reaching another all-time high this year is a strong signal of the asset’s enduring momentum and growing maturity. This rally reflects a structural shift in the market that extends well beyond short-term speculation,” he said.
“Crucially, global regulatory progress and the massive inflows from institutional investors, notably through products like the US spot Bitcoin ETFs, are cementing its place in the mainstream financial system.”
Analysts from the that a new altcoin season or rally could also be sparked by new crypto ETF approvals, which would provide investors with exposure to the coins with less risk.
Wild week for Bitcoin ETFs
Crypto analyst and trader Will Clemente III also to ETF inflows as a catalyst for Bitcoin’s recent surge in an X post on Sunday.
“Possible we get one last dip, but the most bullish thing about this move on Bitcoin is that it wasn’t driven by treasury companies or perp degens, it was driven by spot ETF buying — which is likely macro PMs and funds viewing BTC as a rotation from commodities & small caps,” he said.
Bloomberg Intelligence analyst Eric Balchunas also Bitcoin’s all-time high came after ETFs went “wild last week with +$3.3 billion in a week, $24 billion for the year.”
ETFs will likely fuel more increases
will likely be a catalyst for further increases toward the end of the year.
Liu said Bitcoin’s fourth-quarter outlook will be shaped by “institutional adoption, but shrinking supply, and macro tailwinds, with its role as a fiat debasement hedge adding support. Thinner liquidity and ETF inflows will fuel rallies and volatility.”
“Future Bitcoin gains will likely swing on institutional adoption, regulatory clarity, tightening supply as exchange balances hit a six-year low, and a supportive macro environment with prolonged low interest rates.”
Strategy executive chairman and Bitcoin bull Michael Saylor also would start to gain momentum again toward the end of the year, after facing upward pressure from growing corporate and institutional interest.
Related:
ETFs hold more than 1.5 million Bitcoin worth $188 billion, representing 7.2% of the total supply, to Bitbo.
Meanwhile, corporate Bitcoin treasuries now 1.4 million coins, representing 6.6% of the total supply, and are valued at over $166 billion.
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