Finance

Bitcoin Miners’ Buying Spree: Will This Fuel a 48% Rally to $150,000?

Bitcoin miners are accumulating, similar to late 2023, potentially fueling a rally. Price climbs past $116,000.

September 12, 2025, 6:28 PM

Bitcoin graphic held by futuristic hands in a cyberpunk setting.

In a neon-lit cityscape, digital currency is held between the metallic, futuristic hands of a cyborg. By Miami Daily Life / MiamiDaily.Life.

Executive Summary

Bitcoin miners are accumulating the cryptocurrency at a pace not seen since late 2023, a pattern that previously fueled a 48% price rally.

Strong inflows into spot Bitcoin ETFs, totaling $1.3 billion in two days, and increasing corporate acquisitions, like Strategy’s $220 million purchase, are driving market momentum.

Despite bullish signals, macroeconomic factors such as declining consumer sentiment and rising long-run inflation expectations introduce caution, potentially tempering Bitcoin’s ascent.

The Story So Far

Bitcoin’s recent price surge is primarily driven by significant accumulation from miners, a pattern historically preceding rallies, and robust institutional demand, evidenced by strong inflows into spot Bitcoin ETFs and increasing corporate acquisitions, all set against expectations of a more accommodative monetary policy from the United States Federal Reserve, though tempered by macroeconomic uncertainties such as declining consumer sentiment and rising inflation expectations.

Why This Matters

The renewed accumulation of Bitcoin by miners, echoing patterns that preceded past price rallies, combined with robust inflows into spot ETFs and increasing corporate acquisitions, signals strong underlying demand and potential for the cryptocurrency to reach new highs. However, this bullish momentum is tempered by macroeconomic uncertainties, including declining consumer sentiment and rising long-run inflation expectations, which could cap rapid price appreciation and lead to a more cautious market outlook despite strong on-chain signals.

Who Thinks What?

Bitcoin miners and some traders believe the current pace of accumulation, the highest since late 2023, signals potential upside and could fuel a significant price rally, possibly towards $150,000.

Proponents of broader market tailwinds point to robust inflows into spot Bitcoin ETFs and ongoing corporate acquisitions of the cryptocurrency, such as by Strategy, as drivers of positive momentum and growing institutional adoption.

Traders and analysts concerned about macroeconomic headwinds suggest that factors like declining consumer sentiment, rising long-run inflation expectations, and mixed economic data could temper enthusiasm and cap Bitcoin’s rapid price appreciation, making a swift ascent to $140,000 uncertain.

Bitcoin miners are accumulating the cryptocurrency at a pace not seen since late 2023, a pattern that previously fueled a 48% price rally, leading some traders to anticipate potential new highs. The renewed accumulation comes as Bitcoin climbed above $116,000 on Friday, buoyed by a fresh S&P 500 all-time high and increasing expectations of a more accommodative monetary policy from the United States Federal Reserve, though macroeconomic risks could cap further gains.

Miner Accumulation Signals Potential Upside

Data from GlassNode indicates that Bitcoin miners have added to their positions for the third consecutive week, with net inflows peaking at 573 BTC per day on Tuesday. This marks the highest accumulation level observed since late October 2023, a period that preceded a significant price surge for the digital asset.

The strong accumulation last year was followed by a 48% rally in Bitcoin’s price by early December. This historical precedent has prompted market observers to question whether a similar pattern could propel Bitcoin toward the $150,000 mark again.

Broader Market Tailwinds

Optimism in the Bitcoin market is also being driven by robust inflows into spot Bitcoin exchange-traded funds (ETFs) and ongoing corporate acquisitions of the cryptocurrency. Companies such as Strategy (MSTR), Metaplanet (MTPLF), and Cango Inc. (CANG) continue to expand their Bitcoin holdings.

Spot ETF Inflows Drive Momentum

US-listed spot Bitcoin ETFs collectively saw $1.3 billion in inflows between Wednesday and Thursday, pushing their total assets under management to $148 billion. The iShares Bitcoin Trust (IBIT) remains the dominant player with $87.5 billion, followed by the Fidelity Wise Origin Bitcoin Fund (FBTC) with $23 billion and the Grayscale Bitcoin Trust (GBTC) at $20.6 billion.

Corporate Purchases Strengthen Reserves

According to BitcoinTreasuries.NET, the reserves held by the top 100 public companies surpassed 1 million BTC for the first time in September. This milestone underscores growing institutional adoption and confidence in Bitcoin as a treasury asset.

Strategy, led by Michael Saylor, recently disclosed an additional $220 million Bitcoin purchase in a United States Securities and Exchange Commission filing. Despite missing potential inclusion in the S&P 500 index, the firm’s $95 billion market capitalization positions it among the 115 largest listed companies in the US.

Macroeconomic Headwinds Temper Enthusiasm

Despite these bullish signals, Bitcoin’s ascent toward $140,000 is not guaranteed, with macroeconomic factors introducing a degree of caution. Traders are currently pricing in a 75% probability of US interest rates falling to 3.5% or lower by the end of 2025.

However, recent economic data presents a mixed picture. The University of Michigan’s consumer sentiment survey on Friday revealed a greater-than-expected decline in confidence for September. Furthermore, long-run inflation expectations climbed to 3.9%, fueled by concerns over the potential impacts of tariffs.

While the sustained accumulation by miners and corporations sets a positive tone, fears of slowing economic growth could lead traders to approach the market with increased caution in the coming weeks.

Bitcoin’s current trajectory is marked by a dual narrative: strong on-chain accumulation and institutional demand point to potential upside, while broader macroeconomic uncertainties, including consumer sentiment and inflation concerns, suggest a tempered outlook for rapid price appreciation.