Bitcoin Clears $118,000 as Institutional Inflows Accelerate

Bitcoin pushed through $118,000 on Thursday, extending a rally that has been building since early August as institutional buyers return to the market in size.

Spot ETF issuers reported combined net inflows of $612 million over the past five trading sessions — the strongest stretch since May. Unlike previous rallies, funding rates on perpetual futures have stayed close to neutral, suggesting the move is being driven by spot demand rather than leveraged speculation.

Several public companies disclosed additions to their treasury holdings this week, continuing a trend that began in 2024. Analysts note that the pace of corporate accumulation has become a more reliable signal than exchange flows for short-term price direction.

Still, on-chain data shows long-term holders have started distributing modestly into strength, a pattern that has historically preceded periods of consolidation.