Recent data shows that spot Bitcoin ETFs recorded net inflows of over $3 billion last week, nearing the previous record of $3.3 billion set in November 2024, and now control more than 5.5% of Bitcoin's total supply.

Analysts at Bernstein, led by Gautam Chhugani, predict that Bitcoin is on the verge of reaching new highs in 2025, driven by corporate accumulation and significant inflows into exchange-traded funds (ETFs).

Currently, combined holdings of Bitcoin ETFs and corporate treasuries account for nearly 9% of the total Bitcoin supply, marking a sevenfold increase since the launch of ETFs in January 2024.

The report highlights that retail selling into corporate treasuries appears to be exhausted, with major players like SoftBank and Tether increasing their holdings through initiatives like the newly launched Twenty One Capital.

The firm argues that the current demand-supply dynamics make it challenging to adopt a bearish outlook on Bitcoin, especially with increasing institutional interest.

Institutional ownership of Bitcoin ETFs has surged from 20% in September 2024 to 33% in 2025, indicating a strong shift towards institutional adoption.

Bernstein analysts believe that President Trump's recent executive order to establish a U.S. Strategic Bitcoin Reserve could further accelerate Bitcoin adoption among sovereign states, impacting global accumulation strategies.

Long-term forecasts from Bernstein estimate that Bitcoin could reach $200,000 by the end of 2025, $500,000 by the end of 2029, and $1 million by the end of 2033, despite anticipated bear markets.

Currently, around 80 companies hold approximately 700,000 BTC, which constitutes about 3.4% of Bitcoin's total supply, showcasing a growing trend in corporate Bitcoin accumulation.

The decline in Bitcoin balances on exchanges to 13% of total supply from 16% at the end of 2023 indicates a tightening supply, despite the dollar value of these balances remaining high due to price increases.

Twenty One Capital aims to acquire 42,000 BTC with substantial backing from SoftBank, Tether, and Bitfinex, positioning itself as a significant player in corporate Bitcoin accumulation.