Key takeaways:
Strong Bitcoin miner and corporate BTC accumulation fuel speculation on BTC price surpassing $140,000.
Investors’ rising inflation expectations and weakening consumer sentiment could prevent BTC from hitting new highs.
Bitcoin (BTC) climbed above $116,000 on Friday, fueled by a fresh S&P 500 all-time high and growing expectations of a more accommodative monetary stance from the United States Federal Reserve. Bitcoin bulls are drawing confidence as miners’ accumulation patterns flash a signal similar to one that preceded a 48% price rally in 2023.
BTC miners’ five-day average net transfer volume, BTC. Source: Glassnode
Data from GlassNode shows miners’ wallets added positions for the third straight week, with net inflows peaking at 573 BTC per day on Tuesday — the highest level since late October 2023. That strong accumulation last year preceded a 48% surge by early December, prompting traders to ask whether a run toward $150,000 could unfold again.
Bitcoin/USD, late 2023. Source: TradingView / Cointelegraph
Optimism also stems from robust inflows into Bitcoin spot exchange-traded funds (ETFs) and continued corporate purchases from companies including Strategy (MSTR), Metaplanet (MTPLF) and Cango Inc. (CANG). BitcoinTreasuries.NET data shows reserves held by the top-100 public companies surpassed 1 million BTC for the first time in September.
Miners and companies keep accumulating Bitcoin amid growth concerns
Despite missing potential inclusion in the S&P 500 index, Michael Saylor’s Strategy disclosed an additional $220 million Bitcoin purchase in a United States Securities and Exchange Commission filing on Monday. The firm’s $95 billion market capitalization now places it among the 115 largest listed companies in the US, ahead of Moody’s Corp, General Dynamics and Dell Technologies.
Spot Bitcoin ETFs daily net flows, USD. Source: CoinGlass
US-listed spot Bitcoin ETFs added $1.3 billion in inflows between Wednesday and Thursday, pushing total assets under management to $148 billion. iShares Bitcoin Trust (IBIT) remains the clear leader with $87.5 billion, followed by Fidelity Wise Origin…
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