Corporations Outpace ETFs in Bitcoin Purchases for Third Consecutive Quarter

The price of the leading cryptocurrency remains stable due to demand from public companies. Simultaneously, the SEC is accelerating the approval of crypto-based exchange-traded funds. This was reported by analysts at QCP Capital.

For the third consecutive quarter, public companies have surpassed ETFs in the volume of bitcoin purchases. Firms such as ProCap BTC LLC, Strategy, and Metaplanet continue to increase their holdings in the leading cryptocurrency, viewing it as a strategic asset. This reinforces the narrative of buying during price dips, noted QCP.

Regulators Speed Up Approvals

The Commission has approved the launch of Ethereum and Solana-based ETFs with staking capabilities, and has also greenlit a Grayscale fund that includes BTC, ETH, XRP, SOL, and ADA.

The SEC is considering common listing standards for token-based funds. According to QCP, this initiative could simplify and expedite their approval process in the future.

Corporate Adoption

The trend of adding digital assets to company balances is growing:

• Bitmine raised $20 million to accumulate Ethereum and earn income from staking.
• DeFi Development secured $100 million for purchasing Solana and share buybacks.

Infrastructure players are also expanding their presence. The issuer of the USDC stablecoin, Circle, has applied for a banking license in the U.S. Robinhood is actively expanding in Europe, launching perpetual futures and tokenized stocks.

Market Analysis

Liquidity in the crypto derivatives market continues to grow. The volume of Solana futures on the CME reached a record 1.75 million contracts, while the trading volume of XRP futures exceeded $500 million in the first month.

Meanwhile, implied volatility remains near historical lows. Traders’ positions indicate asset accumulation. Bitcoin’s dominance is holding at a multi-year high of 65-66%.

Analysts noted that retail traders have paused, while institutions are quietly increasing their positions. Experts anticipate a potential shift in volatility regime in the third and fourth quarters.

Macroeconomic Factors

Macroeconomic conditions in the U.S. remain favorable for risk assets, including cryptocurrencies. President Donald Trump criticized Federal Reserve Chairman Jerome Powell and indicated his intention to appoint a successor inclined towards rate cuts.

Markets are already pricing in more rate cuts than the Fed forecasts. This positive sentiment has extended to digital assets, although the backdrop in the altcoin sector remains restrained.

Back in June, QCP stated that bitcoin would benefit from global uncertainty.

On July 1, U.S. ETFs based on the leading cryptocurrency recorded an outflow of $342.2 million, breaking a 15-day streak totaling $4.7 billion.