Bitcoin Accumulation Intensifies as Institutions Buy 73 Days Straight

Bitcoin (BTC USD) accumulation has been intensifying for over 1,700 hours, driven by deep on-chain signals rather than price movements. The Coinbase Premium Gap, a key indicator of U.S. spot demand, has remained positive for 73 consecutive days, indicating that institutions are actively buying on U.S.-regulated venues. This sustained premium streak is rare and was last observed during the ETF inflow wave in January 2025. A positive premium suggests that Bitcoin is being bought more aggressively on Coinbase, often serving as a proxy for American institutional demand.

Coinbase has experienced a steady pattern of Bitcoin withdrawals throughout 2024 and into mid-2025, with more Bitcoin moving out than coming in. This behavior typically signals accumulation, as users withdraw assets for long-term storage rather than short-term trading. The outflows align with the positive Coinbase Premium Gap, reinforcing the narrative that institutional players are buying on regulated venues and moving Bitcoin into custody wallets. In a post-halving environment with constrained new supply, this steady withdrawal pattern supports a long-term bullish thesis, driven by quiet, deliberate accumulation.

Bitcoin open interest has climbed to nearly $35 billion, approaching its all-time highs, indicating increased positioning in the derivatives market. However, funding rates remain flat, even as the price consolidates above $100,000. The rise in open interest without a spike in funding rates suggests careful positioning by institutions rather than a retail-driven craze. The steady open interest with neutral funding supports the spot accumulation story, showing that demand is rising without fragility.

The U.S. Government currently holds over 215,000 BTC from past seizures, roughly 1% of the total supply. Importantly, 97% of these holdings remain untouched in wallets, with no major sell events in recent months. While such holdings have historically introduced liquidation risk, the lack of recent activity suggests a stable macro scene. With ETF inflows paused and halving supply limits in place, this dormancy acts as a backstop rather than a threat, further supporting the ongoing Bitcoin accumulation thesis through reduced selling.

In summary, Bitcoin accumulation is evident in the data, not just the headlines. Institutions are actively buying, selling pressure is low, and the setup for the third quarter looks quietly bullish. The persistent exchange outflows, flat funding rates, and dormant government-held BTC all contribute to a structurally bullish base, even as broader sentiment cools. This accumulation is driven by institutional buying and long-term custody, rather than short-term speculation or hype.