Bitcoin Accumulation Continues Despite MicroStrategy and ETF Purchase Slowdown
Bitcoin's realized capitalization increased by more than $8 billion over the past week, surpassing $1.1 trillion as the realized price rose above $110,000. According to Cointelegraph, this growth represents continued demand from investors and miners despite negative market sentiment following a $19 billion cryptocurrency market crash. The realized cap measures the dollar value of all coins at their last moved price, revealing total investment held by Bitcoin holders.
Ki Young Ju, founder and CEO of crypto analytics platform CryptoQuant, attributed the new inflows mainly to Bitcoin treasury firms and exchange-traded funds. However, Ju warned that Bitcoin's price recovery will remain limited until Bitcoin ETFs and MicroStrategy restart their large-scale acquisitions. Demand is now driven mostly by ETFs and MicroStrategy, both of which have slowed purchases recently. If these two channels recover, market momentum likely returns, according to Ju's analysis.
Bitcoin miners are expanding their operations, leading to a rising hashrate. CryptoQuant data shows this trend as a clear long-term positive indicator for continued growth of Bitcoin network security. American Bitcoin, linked to the Trump family, recently purchased 17,280 application-specific integrated circuits for approximately $314 million. Multiple other large Bitcoin miners have similarly expanded their mining fleets in recent months.
Institutional Demand Patterns Shift as Major Buyers Reduce Activity
The slowdown in institutional Bitcoin purchases represents a change from earlier 2025 patterns. We previously reported that BlackRock's Bitcoin ETF reached 700,000 BTC holdings worth $75.5 billion, representing 55 percent of all US Bitcoin ETF assets. That accumulation demonstrated the rapid pace at which institutional products absorbed Bitcoin supply during the first half of 2025.
MicroStrategy, now trading as Strategy, holds approximately 640,808 Bitcoin as of late October 2025 with an average purchase price of $66,384 per coin. The company accumulated massive positions throughout 2024 and 2025 using convertible debt offerings and stock issuances. According to FinanceFeeds, Strategy crossed the half-million mark in early 2025, buying another 89,000 Bitcoin in the first three months alone. However, recent quarters have shown a reduction in the company's purchasing velocity.
Investor sentiment remained in fear territory since the record $19 billion market crash at the beginning of October. The White House released a comprehensive statement outlining a trade agreement between President Trump and Chinese President Xi Jinping, but this development failed to improve crypto investor sentiment. Sentiment indicators have stayed suppressed despite potentially positive macroeconomic news.
Market Analysts Project Recovery Dependent on Renewed ETF Interest
A resurgence in ETF inflows and potential monetary easing from the Federal Reserve may propel Bitcoin's price to $140,000 in November. Analysts from Bitfinex exchange told Cointelegraph their base case sees Bitcoin rising toward $140,000, with total ETF inflows between $10 billion and $15 billion not being surprising. Catalysts include Federal Reserve easing with two cuts in the fourth quarter, ETF inflows doubling, and seasonal fourth quarter strength.
Risks remain around tariffs and geopolitical conditions that could affect market momentum. The analysts noted that any Bitcoin rally depends heavily on institutional participation through regulated investment products. Without resumed buying from major channels like spot ETFs and corporate treasury programs, price appreciation will likely remain constrained.
Bitcoin miners expanding capacity provides fundamental support for network security and long-term value. The increasing hashrate demonstrates miner confidence in future Bitcoin price levels. Mining economics require significant capital investment with payback periods spanning multiple years. Current expansion suggests miners expect Bitcoin to maintain or increase its value over the coming quarters. The combination of reduced selling pressure from mature miners and growing network security creates a foundation for potential price increases once institutional demand returns.
