What is Behind the Rise of Bitcoin?

Recently observed increases in Bitcoin prices are not only a speculative fluctuation but also the result of a significant rise in demand supported by institutional investors. The substantial interest in spot Bitcoin (BTC) exchange-traded funds (ETFs) is particularly playing a decisive role in price movements.

According to data released by CryptoQuant, net inflows to Bitcoin ETFs exceeded $5.76 billion in the last 30 days. This situation demonstrates that investors' confidence in Bitcoin has been restored, indicating that the price increase is not coincidental. The recorded $1.09 billion initial inflow to spot Bitcoin ETFs on October 6 has been marked as the highest daily inflow seen since February 14, 2025. This figure shows that ETF demand has reached its highest level in the last 9 months.

Particularly, the purchases occurring on the Coinbase exchange are noteworthy. The Coinbase Premium indicator has recently surpassed the +100 dollar level and has been on a positive trend for 42 days. This situation points to a tendency among U.S.-based investors to continue accumulating. In light of this data, it is clear that institutional demand for Bitcoin has strengthened.

CryptoQuant data also reveals that total Bitcoin ETF inflows have exceeded $70 billion, while inflows made in 2025 have reached $25.94 billion. This represents an increase of approximately $8 billion compared to the $17.8 billion recorded in the same period last year. However, considering that ETF investors are thought to have made purchases at an average of $86,417, it is understood that the current price is approximately 40% above this average. This discrepancy could potentially trigger profit-taking in the short term, but it also indicates that long-term investor interest and confidence remain strong.

In summary, the rise in Bitcoin prices is fundamentally based on institutional demand. The sustained positivity of the Coinbase Premium offers a strong signal showing that U.S. investors are taking positions in buying. It is important for investors to closely monitor the increasing ETF inflows and market trends.