In June 2025, US tech stocks made a strong rebound, with the Nasdaq 100 index reaching a historic high, and the S&P 500 also approaching its 2020 peak. Meanwhile, institutional allocation to Bitcoin has reignited, according to QCP's latest report, with 240 companies currently incorporating Bitcoin into their balance sheets, holding a total of up to 3.45 million BTC. This not only doubles the scale of institutional participation but may also indicate that Bitcoin is about to enter a status comparable to gold as a top-tier asset.
---
Spot ETF funds have seen net inflows for 11 consecutive days, with institutional buying continuing.
According to SoSoValue data, the net inflow amount for Bitcoin Spot ETF reached $589 million yesterday, achieving the 11th consecutive day of positive fund inflow. This indicates that not only has the market not cooled down, but there is also stable institutional funding entering the Bitcoin price range above $100,000.
This phenomenon is different from the 'retail-led bull market' of 2021. The current sources of funds are primarily from ETFs, corporate asset allocation, and risk-hedging institutions. Therefore, although Bitcoin's volatility remains, the underlying funding structure has undergone a significant qualitative change.
---
The 3.45 million BTC held by institutions is changing the narrative.
Since early June, the number of companies incorporating BTC into their balance sheets has nearly doubled. QCP pointed out that this wave of 'institutional buying' is becoming a structural trend, indicating that Bitcoin is becoming a truly countable long-term reserve asset.
This is in stark contrast to the past perception of Bitcoin as a speculative target. Now, institutions no longer view BTC as a short-term trading tool, but as 'digital gold' with anti-inflation and anti-currency depreciation characteristics, potentially competing directly with gold for global safe-haven asset status.
---
Will Bitcoin become gold's rival? Or the next gold?
With gold's market value still around $15 trillion and Bitcoin only about $3 trillion, BTC still has nearly five times the room for growth. If institutions continue to increase their holdings, the scale of spot ETFs expands, and more companies incorporate it into their long-term asset allocation, the focus of this asset transition will shift from market sentiment to structural changes.
Bitcoin may no longer be just the core asset of the crypto market, but is beginning to engage in a macro-level battle with traditional assets.