Key takeaways:
Fidelity’s Jurrien Timmer believes Bitcoin is still mid-cycle in its adoption curve.
125 public companies now hold BTC, with digital asset products witnessing $3.7 billion in weekly inflows last week.
First-time BTC buyers accumulated over 140,000 BTC in just two weeks, signaling renewed FOMO.
Bitcoin (BTC) may be trading near highs around $120,000, but according to the Director of Global Macro at Fidelity, Jurrien Timmer, it’s still early in the broader adoption cycle. Drawing parallels with the internet boom, Timmer emphasized that Bitcoin’s growth trajectory closely resembles the internet’s adoption curve from past decades. Timmer said,
“Bitcoin continues to follow both the Power Law curve of its wallets as well as my demand model based on the internet adoption curve. We are right in the middle.”
The analysis suggests that the current price action, marked by steady stair-step patterns of new highs followed by consolidation phases, still reflects a maturing, not saturated, asset class. The chart shows that the far high end of the BTC model (wallet power curve) lies in the region of $200,000-$300,000.
This perspective gains more weight amid the current wave of corporate Bitcoin adoption. Data from Bitwise suggests that 46 public companies added BTC to their balance sheets, bringing the total to 125 in Q2. These firms collectively hold 847,000 BTC, valued at approximately $91 billion.
Fueling this momentum, crypto digital asset investment products recently recorded their second-largest weekly inflow, a staggering $3.7 billion. This pushed total assets under management (AUM) across crypto products to an all-time high of $211 billion, with Bitcoin-backed products accounting for $179.5 billion, i.e., 85%.
📊MARKET UPDATE: #Crypto digital asset investment products recorded their second-largest weekly inflow ever—a massive $3.7B, pushing AUM to an all-time high of $211B. 📈 pic.twitter.com/cMHBVsD3Tc
— Cointelegraph Markets & Research (@CointelegraphMT) July 15, 2025
Commenting on this influx, Timmer noted that it remains unclear whether this capital comes from long-term believers or short-term speculators. “Whether these flows are from true believers or ‘momentum renters’ is hard to tell,” noted the Fidelity Analyst.
Related: Michael Saylor’s Strategy hits record market cap amid Bitcoin surge
Volcon joins the Bitcoin treasury movement
Electric powersports company Volcon has become the latest public firm to adopt a Bitcoin treasury strategy. On July 17, the company announced a $500 million private placement, with 95% of proceeds earmarked to acquire Bitcoin. Backed by Empery Asset Management and Gemini, Volcon plans to operate a low-cost, capital-efficient BTC strategy as it transitions its EV business into an asset-light model.
Beyond corporate treasuries, Bitcoin’s surge to new all-time highs above $123,000 has also attracted fresh investors. Reported by Cointelegraph, first-time BTC buyers accumulated over 140,000 BTC in just the past two weeks, boosting their total holdings by 2.86%, from 4.77 million to 4.91 million BTC.
The data signals a return of “FOMO” driven behavior, as new and seasoned participants aggressively buy into the rally, further supporting Bitcoin’s latest breakout with strong organic demand.
Related: Bitcoin resistance at $120K normal due to ‘frothy’ open interest near all-time highs
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.