Bitcoin Nears All-Time High as Corporate Buying Outpaces ETFs Amid Macro Tailwinds

In a significant shift in institutional cryptocurrency accumulation, publicly traded companies have outpaced U.S. Bitcoin ETFs in acquiring BTC for the third consecutive quarter. This trend underscores a deepening corporate conviction in Bitcoin as a treasury reserve asset. According to data reported by CNBC and compiled from Bitcoin Treasuries.net, corporations aggressively expanded their holdings by approximately 18%, adding around 131,000 BTC in the second quarter ending June 30. In contrast, spot Bitcoin ETFs saw their holdings grow by a more modest 8%, an addition of roughly 111,000 BTC. While ETFs collectively remain the largest single category of holders with over 1.4 million BTC, representing about 6.8% of the total capped supply, the momentum has clearly shifted. The last quarter where ETF inflows surpassed corporate buying was in the third quarter of 2024. This trend persisted even through market volatility; for instance, in April 2025, corporate treasuries grew by 4% while ETFs only managed a 2% increase, demonstrating a strategic, long-term allocation strategy by companies that is less reactive to short-term market noise.

Macroeconomic Forces and Record Stock Markets Fuel BTC Rally

Bitcoin's price is currently knocking on the door of a new all-time high, propelled by a powerful confluence of macroeconomic factors and a bullish sentiment sweeping across traditional financial markets. At present, BTC is trading firmly above $109,000, less than 3% below its peak set in May. This price action is occurring as U.S. equity indexes, including the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average, are all charting new record highs. This widespread "risk-on" environment often leads to capital rotating from traditional assets into higher-growth alternatives, with Bitcoin being a primary beneficiary. A critical underlying driver is the unprecedented expansion of the U.S. M2 money supply, which has surged to a record $21.9 trillion. This flood of liquidity, coupled with ballooning government debt, is pushing savvy investors towards assets that can act as a hedge against currency devaluation. Historically, July has also been a seasonally strong month for Bitcoin, averaging gains of around 7%, which could provide an additional tailwind for a breakout.

Debt, Deficits, and the Search for a Store of Value

The long-term case for Bitcoin is being further solidified by fiscal policy in the United States. Ray Dalio, the founder of hedge fund Bridgewater Associates, recently highlighted the unsustainable trajectory of U.S. government finances. In a post on X, he noted that President Donald Trump's "Big Beautiful Bill" has locked in annual spending of approximately $7 trillion against revenues of only $5 trillion. This structural deficit is projected to push the national debt-to-GDP ratio from 100% towards 130% within the next decade. Dalio warned that without significant adjustments, this path will likely lead to "big, painful disruptions." This macroeconomic backdrop makes Bitcoin’s core value proposition—a decentralized, scarce digital asset with a predictable supply schedule—increasingly compelling for investors seeking to preserve wealth over the long term. The actions of public companies accumulating BTC suggest they are positioning their balance sheets for this exact scenario.

Bitcoin Price Analysis and Altcoin Market Overview

From a technical trading perspective, Bitcoin is showing signs of consolidation before its next major move. The BTCUSDT pair is trading at $109,137.96, with a tight 24-hour range between a low of $107,837.71 and a high of $109,600.00. This high-level consolidation suggests accumulation is underway. The immediate resistance level for traders to watch is the $109,600 mark. A decisive break above this, especially past the psychological $110,000 level, would open the door for a test of the all-time high near $112,000. The primary support level sits at the 24-hour low around $107,800. The broader cryptocurrency market is showing signs of life, supporting the bullish thesis. The ETHBTC pair is up 1.63%, indicating Ethereum is gaining ground against Bitcoin. However, the standout performer is AVAXBTC, which has surged an impressive 6.73% on significant volume, signaling strong relative strength in the Avalanche ecosystem. Other major altcoins like SOLBTC (+1.84%) and ADABTC (+2.84%) are also posting healthy gains, suggesting that positive sentiment is spreading across the digital asset space and confirming a risk-on appetite among crypto traders.