Bitcoin’s blistering rally to new all-time highs over the weekend was fueled not by corporate treasury purchases, but by the surging demand from exchange-traded funds (ETFs), according to market analysts.

Last week, Bitcoin treasury-holding companies collectively purchased over 6,700 BTC, valued at roughly $1.2 billion, data shows. Yet, this figure paled in comparison to the staggering $3.24 billion in net inflows that poured into spot Bitcoin ETFs — a move that analysts say was the real driver behind the price surge.

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Bitcoin briefly climbed above $125,000 on Saturday, setting a fresh record and marking another milestone in what investors are calling Bitcoin’s “institutional era.” The week’s largest corporate purchase came from Japanese investment firm Metaplanet, which added 5,258 BTC to its balance sheet on Wednesday, continuing its strategy of accumulating Bitcoin as a reserve asset.

However, according to Vincent Liu, chief investment officer at Kronos Research, the recent price action has been primarily “ETF-driven.” He told Cointelegraph that the surge reflects “tight exchange supply, a weakening dollar, and growing macro uncertainty,” adding that “institutional demand has reinforced the bullish momentum.”

Bitcoin’s supply dynamics further support the bullish outlook. On average, miners produce only about 900 BTC per day, while research from financial firm River found that institutional buyers and ETFs are absorbing over 3,000 BTC daily — far outpacing supply.

Matt Poblocki, general manager for Binance Australia and New Zealand, said the current cycle demonstrates Bitcoin’s evolution into a “blue-chip digital asset.”

“This rally reflects a structural shift in the market that extends well beyond short-term speculation,” Poblocki said. “Institutional inflows through products like U.S. spot Bitcoin ETFs are cementing Bitcoin’s position in mainstream finance.”

Meanwhile, Bitfinex analysts suggested that ETF approvals could soon trigger a rotation into altcoins, as investors gain regulated access to crypto exposure with lower risk.

ETFs Lead the Charge

Crypto market commentator Will Clemente III emphasized that ETF activity, not retail speculation, was behind Bitcoin’s latest surge. “It wasn’t driven by degens or corporate treasuries,” Clemente noted. “It was driven by spot ETF buying — likely from macro funds viewing Bitcoin as a rotation from commodities and small caps.”

Bloomberg Intelligence’s Eric Balchunas confirmed that ETF inflows hit a record last week, saying, “Bitcoin ETFs went wild with $3.3 billion in inflows — bringing the total to $24 billion for 2025.”

What Comes Next

Experts believe ETF inflows could continue to push Bitcoin higher into the fourth quarter. Liu predicts a “volatile but upward” trajectory as institutional adoption grows and supply tightens further. “Shrinking exchange balances, low interest rates, and Bitcoin’s role as a hedge against fiat debasement will fuel the next leg of the rally,” he said.

MicroStrategy’s Michael Saylor, one of Bitcoin’s most vocal advocates, echoed the sentiment, forecasting renewed momentum heading into year-end as corporate and institutional participation increases.

Currently, Bitcoin ETFs collectively hold over 1.5 million BTC, valued at approximately $188 billion, representing 7.2% of Bitcoin’s circulating supply. Corporate treasuries hold an additional 1.4 million BTC, worth $166 billion — a testament to Bitcoin’s growing role as a global store of value.