Bitcoin Miners Accumulate Again: Are New Highs Coming?

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.

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.

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 ever 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.

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 Bitcoin Fund (FBTC) at $23 billion and Grayscale Bitcoin Trust (GBTC) at $20.6 billion.

For context, gold ETFs are the largest tradable asset class and hold $431 billion, while the broader gold market is valued at $24.7 trillion, according to World Gold Council data. Even excluding the nearly 50% of gold demand tied to jewelry, Bitcoin’s ETF industry reflects deeper penetration relative to its $2.3 trillion market capitalization, despite being launched only in 2024.

Related: All roads lead to inflation–Fed cut or not, Bitcoin may stand to gain

Still, Bitcoin’s path toward $140,000 is far from guaranteed, even as traders price in 75% odds of US interest rates falling to 3.5% or lower by the end of 2025. The University of Michigan’s consumer sentiment survey on Friday showed confidence declined more than expected in September, while long-run inflation expectations climbed to 3.9% amid concerns over tariff impacts.

Miners’ and companies’ continued Bitcoin accumulation sets a bullish tone, but fears of slowing economic growth could lead traders to approach the coming weeks with more caution.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.