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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, hitting a new all-time high of over $125,000 on Saturday.
Bitcoin (BTC) treasury companies purchased more than 6,702 coins over the week, led by Japanese investment firm Metaplanet, which added 5,258 Bitcoin on Oct. 1.
In comparison, spot Bitcoin ETFs recorded a net inflow of $3.24 billion 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 supply this year. On average, miners generate roughly 900 Bitcoin per day, while a September report from financial services company River found that businesses acquired 1,755 Bitcoin per day and ETFs bought 1,430 Bitcoin per day on average in 2025.
Analysts from the Bitfinex crypto exchange predicted in August 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 pointed 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 said 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
Bitcoin ETF inflows 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 predicted in September that Bitcoin would start to gain momentum again toward the end of the year, after facing upward pressure from growing corporate and institutional interest.
Related: Crypto treasuries ‘easy money’ ends, but that may be good for crypto
ETFs hold more than 1.5 million Bitcoin worth $188 billion, representing 7.2% of the total supply, according to Bitbo.
Meanwhile, corporate Bitcoin treasuries now exceed 1.4 million coins, representing 6.6% of the total supply, and are valued at over $166 billion.
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