Bitcoin Accumulates $8 Billion in Fresh Capital Despite Limited ETF Activity

Bitcoin's on-chain metrics reveal strong underlying demand for the leading cryptocurrency, with both institutional investors and mining operations increasing their exposure despite bearish market sentiment following a significant market correction.

Realized Cap Climbs Above $1.1 Trillion

During the past week, Bitcoin's realized capitalization increased by over $8 billion, pushing the total above $1.1 trillion. The realized price of BTC has risen beyond $110,000, demonstrating substantial on-chain capital inflows.

The realized cap metric calculates the aggregate value of all Bitcoin units at their last transaction price, providing insight into the total capital invested by current holders rather than simple market capitalization.

Treasury Companies and Mining Expansion Drive Growth

According to Ki Young Ju, founder and CEO of crypto analytics platform CryptoQuant, the recent inflows primarily originate from corporate Bitcoin treasury operations and exchange-traded funds. However, Ju notes that sustained price recovery requires renewed large-scale purchases from Bitcoin ETFs and major institutional players like Michael Saylor's Strategy.

Ju explained that current demand stems predominantly from ETFs and MicroStrategy, both of which have recently decelerated their acquisition pace. A resumption of aggressive buying through these channels would likely restore positive market momentum.

Mining Sector Signals Long-Term Confidence

Bitcoin miners continue expanding their infrastructure, resulting in a climbing network hashrate. This development represents a strong long-term bullish indicator for Bitcoin's fundamental value proposition as a monetary network.

Recent major mining fleet expansions include American Bitcoin's substantial equipment purchase, with the Trump family-associated company acquiring 17,280 application-specific integrated circuits for approximately $314 million in August.

Market Sentiment Remains Cautious Despite Positive Fundamentals

The $8 billion capital influx has not yet translated into improved investor sentiment, which remains in fear territory following a $19 billion market-wide correction in early October. This negative sentiment persists even after the White House announced a comprehensive trade agreement between President Trump and Chinese President Xi Jinping.

Analysts Project $140,000 Bitcoin by November

Despite current market hesitation, analysts from Bitfinex exchange forecast Bitcoin could reach $140,000 in November under specific conditions. Their projection assumes total ETF inflows between $10 billion and $15 billion.

Key catalysts supporting this bullish scenario include potential Federal Reserve monetary easing with two interest rate cuts in the fourth quarter, doubled ETF inflows, and traditional fourth-quarter seasonal strength in cryptocurrency markets.

The analysts acknowledge downside risks remain, particularly concerning tariff policies and geopolitical tensions that could disrupt market recovery.

ETF Inflows Critical for Price Recovery

The analysis underscores that Bitcoin's price trajectory depends heavily on institutional capital flows through regulated investment vehicles. While on-chain fundamentals demonstrate healthy accumulation, substantial ETF buying pressure appears necessary to drive significant price appreciation.

The contrast between robust on-chain metrics and subdued ETF activity creates a disconnect that market observers believe must resolve before Bitcoin can achieve new all-time highs. Corporate treasuries and mining operations provide a strong foundation, but mass-market institutional participation through ETFs represents the catalyst needed for the next major price movement.

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