U.S. Spot Bitcoin ETFs See Largest Weekly Inflows Since October

Last week saw over $824 million in crypto liquidations. Yet, spot Bitcoin ETFs absorbed a net $1.42 billion, indicating that underlying institutional demand is now robust enough to weather derivatives market shakeouts.

According to SoSoValue data, U.S. spot bitcoin ETFs recorded net inflows of $1.42 billion for the week ended January 16. BlackRock’s iShares Bitcoin Trust (IBIT) led the activity with $1.03 billion of that total, marking the highest weekly inflow for the fund group since the week ending October 10.

During the window of the latest inflows, the underlying asset reached a high of approximately $97,000 before retracing to $92,618 by late Sunday evening.

The substantial ETF inflows occurred alongside $824 million in total crypto market liquidations over a 24-hour period ending Sunday, data from Coinglass shows. Of that, approximately $763.7 million were closed long positions.

Corporate Accumulation Continues Alongside ETFs Demand

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The ETF activity follows continued expansion in corporate bitcoin holdings. More than 200 companies now hold bitcoin on their balance sheets, according to Bitcoin Treasuries data.

Strategy, the largest corporate holder, acquired an additional 13,627 BTC between January 5 and January 11. According to an 8-K filing with the Securities and Exchange Commission, the purchase was executed at an average price of $91,519 per bitcoin for a total of approximately $1.25 billion. The acquisition was funded through the sale of Class A common stock and perpetual stretch preferred stock.

The company now holds 687,410 BTC in total, which represents more than 3% of the total 21 million supply. Strategy’s co-founder and executive chairman Michael Saylor stated the holdings were acquired at an average cost of $75,353 per bitcoin, implying unrealized gains exceeding $10 billion at current prices.

Separately, restaurant chain Steak ‘n Shake announced a $10 million bitcoin purchase for its corporate treasury last Friday. This acquisition follows the company’s May 2025 decision to accept payments via the Lightning Network across its U.S. locations.

The company stated on X that it maintains a Strategic Bitcoin Reserve where all digital currency received from customers is retained rather than converted to cash. Steak 'n Shake reported that same-store sales have increased approximately 15% since the integration of these payment rails.

This operational model differs from treasury strategies used by firms like Strategy, which uses capital market proceeds to fund purchases. Steak ‘n Shake’s $10 million position remains modest compared to top corporate holders.

The week also saw spot Ethereum ETFs record $479 million in inflows, their highest weekly total since October 10.

The convergence of $1.42 billion in weekly ETF inflows and continued direct treasury purchases by both established holders like Strategy and retail-facing brands like Steak 'n Shake marks a shift in institutional behavior.

While leveraged long positions saw a $763.7 million flush on Sunday, the net increase in spot holdings across exchange-traded funds and corporate reserves suggests a baseline of demand that operates independently of short-term price action and liquidation cycles.

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