The number that anchors the current Bitcoin rally isn’t $74,509 — it’s five. According to Bitfinex analysts, institutional investors are absorbing nearly five times the daily miner supply of Bitcoin, a ratio they describe as mirroring “healthier” structures seen earlier in the year.
That absorption rate sits at the center of a widening debate over what is actually powering Bitcoin’s third consecutive week of price recovery. The cryptocurrency climbed to $74,509 during the period covered — a level not reached since February 4 — and stands 22.5% above its February 6 low of $60,000.
Institutional Buying Stacks Up
The headline purchases are hard to ignore. Strategy, the largest public corporate holder of Bitcoin, bought 22,237 BTC for $1.57 billion over the past week alone. Spot Bitcoin ETF net flows across the 12 US-listed products topped $763 million last week, according to the report — the third straight week of positive inflows, which analysts describe as a signal of returning institutional confidence.
Then came Metaplanet. The Tokyo-based firm, which operates Japan’s first corporate Bitcoin treasury, announced a $255 million raise through a private placement, structured around a new instrument designed specifically to purchase more Bitcoin. CEO Simon Gerovich framed it plainly, saying the capital would provide “additional firepower on our march towards 210,000 BTC.”
Bitfinex analysts also flagged the timing against macro events, noting that Bitcoin approached the March 18 FOMC meeting “with renewed momentum” after “decisively” reclaiming the $70,000 level. The firm described Bitcoin’s market structure as having “improved meaningfully,” while acknowledging the price had “yet to secure a breakout above local range highs.”
Derivatives, Not Spot, Leading the Move
Not everyone reads the data the same way. Hyblock analysts offered a more cautious interpretation. Following the sharp price drop, they said, the market entered a consolidation phase defined by declining open interest, heavier short-side margin use, and selling pressure visible in both spot and perpetual cumulative volume delta indicators.
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That regime has since shifted — but the mechanics matter. According to Hyblock, “traders have started increasing leverage on the long side, open interest is rising, and the perps CVD has turned positive while spot flows remain weak.” Their conclusion is direct: “This suggests the push toward the top of the range is largely being driven by derivatives positioning rather than spot demand.”
The distinction carries weight. A derivatives-led move, built on leveraged long positioning rather than genuine spot accumulation, produces a different kind of price structure than one backed by institutions steadily pulling coins off the market. Bitfinex‘s absorption-to-emissions ratio points toward the latter. Hyblock‘s perpetual CVD data points toward the former. Both datasets are current. Both are real. They just describe different layers of the same market.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial or investment advice.
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