Bitcoin’s onchain data is signaling renewed investor demand, with both institutional buyers and miners increasing their holdings despite a sluggish market backdrop following October’s $19 billion crypto crash. Over the past week, Bitcoin’s realized capitalization — which measures the aggregate value of all coins based on their last moved price — rose by more than $8 billion to surpass $1.1 trillion. BTC’s realized price also climbed above $110,000, indicating growing accumulation across the network. The uptick is being driven primarily by Bitcoin exchange-traded funds (ETFs) and corporate holders such as MicroStrategy, according to Ki Young Ju, CEO of analytics platform CryptoQuant. ETF and Institutional Momentum Slows, But Could Rebound Ju noted on X (formerly Twitter) that “demand is now driven mostly by ETFs and MicroStrategy, both slowing buys recently. If these two channels recover, market momentum likely returns.” He added that the slowdown in ETF inflows and corporate purchases has temporarily capped Bitcoin’s price recovery, even as onchain metrics show consistent inflows. Miners Expand Operations Amid Hashrate Growth Bitcoin’s rising hashrate — the measure of total computational power securing the network — also points to optimism among miners. Ju described this trend as a “clear long-term bullish signal,” emphasizing that miner expansion indicates confidence in the cryptocurrency’s future profitability. Major mining companies, including American Bitcoin, which has ties to the Trump family, have recently announced large-scale hardware purchases. In August, the firm acquired 17,280 application-specific integrated circuit (ASIC) mining units worth approximately $314 million. Analysts See Potential for $140K Bitcoin Despite the positive onchain data, broader market sentiment remains cautious, with the crypto fear index still in “fear” territory since the early October sell-off. However, analysts from Bitfinex believe the next catalyst could come from macroeconomic factors, including potential monetary easing by the U.S. Federal Reserve. “Our base case sees Bitcoin rising towards $140,000, with total ETF inflows between $10 and $15 billion not being surprising,” Bitfinex analysts said. They added that possible Fed rate cuts, combined with renewed ETF demand and typical Q4 seasonal strength, could help Bitcoin reach new all-time highs by November. Still, risks remain tied to global trade tensions and the lingering effects of Trump’s tariff policies, they warned.
