Last week, Bitcoin treasury companies accumulated $1.2 billion in BTC, but analysts believe the recent all-time high for Bitcoin was primarily driven by inflows into Bitcoin exchange-traded funds.
As the weekend approached, Bitcoin surged, reaching a new all-time high of over $125,000 on Saturday.
Bitcoin (BTC) treasury companies acquired over 6,702 coins last week, with Japanese investment firm Metaplanet leading the way by adding 5,258 Bitcoin on October 1.
In contrast, spot Bitcoin ETFs recorded a net inflow of $3.24 billion last week, closely approaching their record week from November 2024.
ETF inflows boost price
Vincent Liu, Chief Investment Officer at Kronos Research, shared with Cointelegraph that ETF inflows were the main driver behind Bitcoin’s Price surge.
However, he noted other contributing factors like “tight exchange supply, a weaker dollar, and macro uncertainty. Robust institutional demand has reinforced the bullish momentum this past weekend,” he stated.
Institutions have been accumulating Bitcoin faster than miners can supply this year. On average, miners generate about 900 Bitcoin daily, while a September report from River indicated that businesses acquired 1,755 Bitcoin daily and ETFs bought 1,430 Bitcoin daily on average in 2025.
Analysts from Bitfinex suggested in August that new crypto ETF approvals could trigger an altcoin season or rally, allowing investors safer exposure to various coins.
Dynamic week for Bitcoin ETFs
Crypto analyst and trader Will Clemente III also highlighted ETF inflows as a key factor in Bitcoin’s recent price increase in an X post on Sunday.
“We might see one last dip, but the most promising aspect of Bitcoin’s current movement is that it wasn’t instigated by treasury companies or perpetual traders; rather, it was driven by spot ETF purchases, likely from macro portfolio managers and funds pivoting from commodities & small caps,” he remarked.
Bloomberg Intelligence analyst Eric Balchunas similarly noted that Bitcoin’s all-time high followed a week when ETFs experienced “remarkable growth with +$3.3 billion influx, totaling $24 billion for the year.”
ETFs likely to enhance gains
The inflows into Bitcoin ETFs are anticipated to act as a catalyst for additional price increases as the year concludes.
Liu indicated that Bitcoin’s outlook for the fourth quarter will be shaped by “institutional adoption, diminishing supply, and macro tailwinds, alongside its function as a hedge against fiat debasement. Reduced liquidity and ETF inflows will contribute to volatility and rallies.”
“Future Bitcoin appreciation will likely depend on institutional adoption, regulatory clarity, tightening supply as exchange balances reach a six-year low, and a supportive macro environment characterized by prolonged low interest rates.”
Michael Saylor, Strategy Executive Chairman and Bitcoin advocate, predicted in September that Bitcoin would regain momentum towards year’s end, buoyed by increasing interest from corporations and institutions.
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ETFs currently hold more than 1.5 million Bitcoin valued at $188 billion, accounting for 7.2% of the total supply, as noted by Bitbo.
Meanwhile, corporate Bitcoin treasuries now exceed 1.4 million coins, representing 6.6% of the total supply, valued at over $166 billion.
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