Bitcoin extended its recovery into Oct. 10 after a sharp pullback earlier in the week, with the cryptocurrency trading around $82,700. The price recovered from an Oct. 8 low near $80,337, and corporate accumulation continues to provide an additional source of demand.

Strategy, Metaplanet, Strive and Robinhood have all disclosed recent purchases, although their acquisition strategies differ substantially. The sustained buying underscores the ongoing role of corporate treasuries in the Bitcoin market — a balance-sheet model Strategy pioneered in 2020 and that has since grown into a distinct class of publicly listed buyers whose purchases now sit alongside ETF flows as a separate channel of demand.

Bitcoin Treasury Companies Sustain Their Buying Spree

Some of the biggest companies in the crypto industry have continued their buying spree this month. Strategy, the largest of them, purchased 334 coins last week, extending a trend that has persisted over the past few weeks. The company had previously sold some of its holdings as the price of its preferred shares dropped, an episode that showed how treasury purchases depend on capital-market funding, since preferred share sales are a key financing channel for these buyers. It now holds 848,000 coins valued at more than $70.2 billion, far above the July low of $49 billion.

Metaplanet, the Tokyo-listed company that ranks as the second-largest Bitcoin treasury holder, has also continued buying this month. It now holds 44,000 coins worth over $3.6 billion.

Strive, a company associated with Vivek Ramaswamy, continued its accumulation, which has made it the fifth-largest holder. The firm is using its preferred stock, SATA, to pay for the coins — a financing structure that mirrors the preferred-share models larger treasury companies use to fund their purchases.

Most recently, Robinhood, the retail brokerage, has also started making such purchases, acquiring 294 coins that are currently valued at more than $24 million.

It remains unclear whether the buying spree will continue, but the purchases are a sign that these companies believe Bitcoin may keep rising over time. In total, there are now 199 publicly traded companies holding Bitcoin on their balance sheets. These firms collectively own 1.27 million BTC, valued at more than $105.8 billion — roughly 6% of Bitcoin's capped 21 million supply, a scale that makes corporate balance sheets a demand channel traders track alongside ETF flows.

Institutional investors are adding exposure through exchange-traded funds as well, a structure that offers Bitcoin exposure through standard brokerage accounts without requiring holders to custody the asset themselves. BTC ETFs added over $2.65 billion last month, after bringing in $3.52 billion in August — combined inflows of more than $6.5 billion over the period. While momentum has stalled this month, the report suggests the process is likely to restart.

Risk-On Sentiment Persists Despite Rising Bond Yields

Bitcoin's rebound is taking place as investors embrace risk-on sentiment despite rising bond yields. Data shows that the 10-year Treasury yield jumped to 5.3%, its highest level in more than 20 years. The 30-year yield is also climbing, and analysts warn that it may soon hit 6%.

Yields at these levels are relevant to Bitcoin watchers because they raise the return available on interest-bearing assets — a comparison investors typically weigh against assets like Bitcoin, which pays no yield. Despite the rise in yields, the US stock market is performing strongly. The S&P 500 Index is trading at an all-time high, and the tech-heavy Nasdaq 100 has also jumped to a record, with many technology stocks leading the charge.

One reason for the risk-on mood is a run of weak US jobs and inflation data. Recent figures showed the economy created just 29,000 jobs, while the unemployment rate rose to 4.2%. The most recent personal consumption expenditure reading also came in below expectations.

Taken together, the numbers suggest the Federal Reserve is unlikely to raise interest rates at this month's meeting, making outcome of that meeting a near-term macro reference point for anyone tracking risk assets like Bitcoin.

Bitcoin Price Prediction: Technical Analysis

The daily chart shows that the BTC price dropped sharply earlier in the week, reaching a low of $80,370. It has since bounced back and moved above the key resistance level of $82,688, its highest point on Sept. 3.

There are signs that the coin has formed a break-and-retest pattern, a common continuation pattern in technical analysis. Bitcoin has also climbed above its 50-day moving average and the Supertrend indicator.

Based on these signals, the analysis suggests the coin is likely to move higher and possibly retest this month's high of $87,200. A move above that level would point to further gains, potentially toward the psychological level of $100,000.

This article is for informational purposes only and does not constitute financial or investment advice. Bitcoin prices, corporate treasury holdings, ETF flows and technical levels may change as market conditions evolve.

This article originally appeared on The Market Periodical.