Companies spent $1.2B on Bitcoin last week, but BTC ETFs stole the show

Bitcoin-stacking companies bought over 6,700 BTC last week with the majority of the buying came from Japanese investment firm Metaplanet.

While Bitcoin treasury companies accumulated $1.2 billion in BTC last week, analysts suggest that Bitcoin’s new all-time high was more likely driven by inflows into Bitcoin exchange-traded funds.

Bitcoin went on to spike coming into the weekend, hitting a new all-time high of over $125,000 on Saturday. 

Bitcoin (BTC) treasury companies purchased more than 6,702 coins over the week, led by Japanese investment firm Metaplanet, which added 5,258 Bitcoin on Oct. 1.

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