- Miners add reserves for three weeks; Tuesday’s 573 BTC accumulation marks highest single-day since October 2023, reinforcing confidence.
- Institutional demand persists: spot ETF inflows hit $1.3B over two days, with total assets reaching $148B under management.
Bitcoin traded above $116,000 on Friday. This price movement coincided with new records in stock market indices. A rising expectation that the Federal Reserve may cut interest rates played a role in this market behavior.
According to data from GlassNode, miners have expanded their Bitcoin reserves for three weeks in a row. This past Tuesday, their net accumulation reached 573 BTC. That figure marks the highest single-day addition since October 2023.
Large institutions are also maintaining their purchasing activity
This buying occurs through spot Bitcoin ETFs and direct acquisitions on corporate balance sheets. Several public companies have recently increased their Bitcoin positions.
Firms such as Strategy, Metaplanet, and Cango Inc. are part of this group. Together, the top 100 public companies now hold over one million BTC. Strategy announced this week that it bought an additional $220 million in Bitcoin. The company now ranks among the top 115 publicly traded firms in the U.S. by market capitalization.
U.S. spot Bitcoin ETFs gathered $1.3 billion in inflows over two trading days this week. These funds now manage a combined $148 billion in assets. The iShares Bitcoin Trust leads with $87.5 billion. Fidelity’s FBTC holds $23 billion, placing it second.
For comparison, gold ETFs contain $431 billion in assets under management. The entire gold market is valued at $24.7 trillion. Bitcoin ETFs have gained a considerable share relative to the $2.3 trillion cryptocurrency market, especially given their short existence.
