The Bitcoin market was struck by a thunderbolt last night — blockchain giant Strategy made another move, spending $1.05 billion in a single week to acquire 10,100 BTC. When this massive buy order, executed at an average price of $104,080, hit the chain, the entire crypto world shook.
Even more astonishing is that this is the tenth consecutive week of accumulation by Strategy. Its Bitcoin treasury has swollen to an astonishing 592,100 BTC, with a total value exceeding $4.18 billion, while the average cost is only $70,666. From 2025 to date, its Bitcoin holding return rate has reached 19.1%, with floating profits sufficient to astonish traditional financial institutions.
One, institutional buying spree: Global capital is heavily betting on Bitcoin.
Strategy is by no means alone in this. A wave of Bitcoin buying is sweeping through publicly listed companies worldwide:
- Japan's Metaplanet invested $117 million last week to increase its holdings by 1,112 BTC, surpassing the psychological threshold of 10,000 BTC.
- Remixpoint co-invested $2.27 million to purchase 208 BTC.
- GameStop announced the issuance of $1.75 billion in zero-interest convertible bonds, clearly stating that the funds will be used for 'potential Bitcoin investments.'
According to SoSoValue statistics, just last week, global listed companies (excluding mining companies) saw a net inflow of $1.19 billion in Bitcoin. A 'institutional reserve pool' consisting of 649,760 BTC has already taken shape, valued at $6.94 billion, accounting for 3.27% of Bitcoin's circulating market value. As traditional enterprises begin to systematically allocate Bitcoin, a revolution in capital migration is underway.
Table: Overview of recent changes in Strategy's Bitcoin holdings.
Two, rational accumulation: Institutional behavior reveals deeper logic.
Unlike the frenzy seen in the previous bull market, this round of accumulation shows a clear rational tone:
- Structural buying has replaced emotional speculation: Institutional entry in 2021 often accompanied high-profile declarations, whereas today's capital inflows are more low-key and sustained. Buying on dips and phased layouts have become mainstream strategies, indicating a fundamental shift in capital's understanding of Bitcoin's value—from a speculative target to a strategic reserve asset against inflation.
- Macro challenges have created a 'rebalancing' demand: Global central bank interest rate cut expectations are wavering, inflation remains stubborn, and the appeal of traditional safe-haven assets is diminishing. Bitcoin, with its fixed supply characteristics and digital gold narrative, has become a natural harbor for capital seeking an exit. As on-chain analysts point out: 'This round of accumulation reflects the market's renewed understanding of the mid-to-long-term value of crypto assets.'
- Regulatory channels have opened institutional gates: Financial instruments like spot ETFs provide a safe path for traditional capital. Market maker FlowDesk observed: 'The market is waiting for a breakout from the narrow range, but BTC's potential strength remains evident.' The use of leverage is declining while on-chain lending is active, suggesting that professional players are preparing for larger moves.
Three, is $120,000 just the starting point? The bull market engine has switched.
Institutions' continued buying is reconstructing the valuation logic of Bitcoin:
- The bottom support is unprecedentedly strong: Blockstream CEO Adam Back asserts: 'Bitcoin may never fall below $43,000' again. The solid base built by the 200-week moving average clearly points to a bullish long-term trend.
- The price space has completely opened up: Bitcoin's rainbow chart shows that the current price level is still in the purple zone of the historical range (from low to median), with significant space remaining before reaching the 'midpoint.' Analysts generally expect the bull market to last at least until the end of the year; $112,000 is far from being the top.
- $120,000 has become the market consensus: Traders on the prediction platform Polymarket bet that the probability of BTC reaching $120,000 by the end of the year is as high as 69%. More aggressive views suggest that with global liquidity easing and institutional accumulation driving the market, $200,000 is the ultimate target for this cycle.
Table: Bitcoin holdings of major global listed companies (as of June 2025).
Four, a new era of crypto: How 'institutional bulls' are reshaping the rules of the game.
The large-scale attack by Strategies marks a fundamental shift in the value discovery mechanism of Bitcoin. Under traditional financial allocation frameworks, Bitcoin is transforming from a marginal speculative asset into a standard allocation on corporate balance sheets. The collective action of listed companies creates a powerful demonstration effect, triggering a wave of capital migration from gold and bonds to crypto assets.
What is even more noteworthy is that bond issuance for purchasing Bitcoin has become a new financing model. Metaplanet issued $210 million in zero-interest ordinary bonds specifically for Bitcoin investment, and GameStop's convertible bond plan also targets BTC holdings. When traditional financial instruments are directly linked to Bitcoin reserves, a self-reinforcing capital cycle has already formed.
As of the time of writing, Bitcoin is quoted at $106,774, with the total value of holdings by listed companies approaching $70 billion. The 3.27% circulating volume ratio may seem small, but its growth rate suggests that when this figure surpasses 5%, the market may witness a violent surge triggered by the liquidity siphoning effect.
The institutional fire ignited by Strategy is burning a brand new bull market trajectory. The century-old thrones of gold and bonds are beginning to shake, and traditional asset managers are being forced to face a brutal choice: keep up with this round of Bitcoin trains or sink into the mire of fiat currency depreciation. When listed company bond financing is directly linked to Bitcoin reserves and 3.27% of the circulating volume is locked by institutions, the market will eventually awaken: true scarcity has never been in the mining machines but in the ever-decreasing circulating supply. The 'low-price chips' left for retail investors are being scooped up by capital on a scale of tens of billions.