While Bitcoin treasury firms accumulated $1.2 billion worth of BTC last week, analysts believe the recent all-time high was primarily fueled by strong inflows into Bitcoin exchange-traded funds (ETFs).
Bitcoin surged into the weekend, setting a new record above $125,000 on Saturday.
Treasury firms collectively added over 6,702 BTC during the week, with Japan’s Metaplanet leading the charge by purchasing 5,258 Bitcoin on Oct. 1.
Meanwhile, spot Bitcoin ETFs saw net inflows of $3.24 billion — nearly matching their record-breaking week from November 2024.
ETF Inflows Fuel Bitcoin’s Price Surge
Vincent Liu, Chief Investment Officer at quantitative trading firm Kronos Research, told Cointelegraph that inflows into Bitcoin ETFs were the primary driver behind the recent price spike.
He noted that other factors also contributed to the rally, including “tight exchange supply, a weaker dollar, and macro uncertainty. Strong institutional demand is reinforcing the bullish momentum this past weekend,” Liu added.
Institutional appetite for Bitcoin continues to outpace miner supply. Miners produce roughly 900 BTC per day, yet a September report from financial services firm River revealed that, on average, businesses accumulated 1,755 BTC per day, while ETFs added another 1,430 BTC daily throughout 2025.
Analysts from crypto exchange Bitfinex suggested in August that further crypto ETF approvals could trigger a new altcoin season, offering investors broader exposure to digital assets with reduced risk.
A Wild Week for Bitcoin ETFs
Crypto analyst and trader Will Clemente III echoed the sentiment in an X post on Sunday, citing ETF inflows as the key catalyst behind Bitcoin’s rally.
“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, likely from macro portfolio managers and funds rotating out of commodities and small caps,” Clemente explained.
Bloomberg Intelligence analyst Eric Balchunas noted that Bitcoin’s latest all-time high followed an explosive week for ETFs, which saw $3.3 billion in inflows — bringing the year-to-date total to $24 billion.
ETFs Poised to Drive Further Gains
Analysts expect continued ETF inflows to remain a major catalyst for Bitcoin’s price through the end of the year.
According to Liu, Bitcoin’s fourth-quarter outlook will be shaped by “growing institutional adoption, shrinking supply, and favorable macro tailwinds.” He added that Bitcoin’s appeal as a hedge against fiat debasement, combined with thin liquidity and persistent ETF inflows, will likely continue to drive both 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 longtime Bitcoin advocate Michael Saylor predicted in September that Bitcoin would regain momentum toward the end of the year, driven by mounting corporate and institutional interest.
According to Bitbo, Bitcoin ETFs now collectively hold over 1.5 million BTC — worth around $188 billion — accounting for 7.2% of the total supply.
Meanwhile, corporate Bitcoin treasuries have surpassed 1.4 million BTC, representing 6.6% of the total supply and valued at more than $166 billion.
