Bitcoin reserve companies net bought $1.2 billion last week, while ETFs net bought $3.236 billion during the same period

ChainCatcher news, although Bitcoin reserve companies have accumulated $1.2 billion worth of Bitcoin, analysts believe that the new highs in Bitcoin are more driven by the inflow of funds into Bitcoin exchange-traded funds (ETFs).

According to data, Bitcoin reserve companies purchased over 6,702 Bitcoins last week, with Japanese investment company Metaplanet leading the way, having increased its holdings by 5,258 Bitcoins on October 1 alone. In contrast, spot Bitcoin ETFs recorded a net inflow of $3.24 billion last week, nearly matching the single-week record from November 2024. Vincent Liu, Chief Investment Officer of quantitative trading firm Kronos Research, told Cointelegraph that the key factor behind the rise in Bitcoin prices is the inflow of ETF funds. However, he also added that other factors are at play, such as "tight exchange supply, a weakening dollar, and macroeconomic uncertainty." Strong institutional demand over the weekend further reinforced the bullish momentum in the market. Since the beginning of this year, the pace of institutional Bitcoin purchases has surpassed that of miner output. Miners produce about 900 Bitcoins daily on average, while financial services company River noted in its September report that companies are purchasing an average of 1,755 Bitcoins daily, and ETFs are buying an average of 1,430 Bitcoins daily. Analysts at Bitfinex previously predicted in August that the approval of new crypto ETFs could trigger a new wave of altcoin rallies or rebounds, as this would allow investors to access more tokens with lower risk.