Bitcoin (BTC)-related businesses could become among the biggest beneficiaries if the asset hits a new local high, given the growing correlation between Bitcoin’s price action and the performance of these businesses.
In the last month alone, BTC attracted nearly $184 billion in inflows, reflecting sustained bullish sentiment across the broader market.
These capital flows appear to align with the return of a more risk-friendly environment after the macroeconomic tensions that weighed on markets at the start of the year, particularly concerns related to geopolitical conflicts, had significantly eased.
Bitcoin-related stocks outperform the broader market
BTC-related companies, including miners, custody providers, and publicly traded companies with direct exposure to BTC, have recently outperformed the broader market as capital inflows into Bitcoin have accelerated.
According to Artemis, ten major Bitcoin-related companies, including Hut 8 Mining (HUT), TeraWulf (WULF), Riot Platforms (RIOT), and MicroStrategy (MSTR), have seen an average gain of around 42% over the past month. This performance far exceeded the S&P 500’s average gain of 8.7% during the same period.
Applied Digital (APLD) was the best performer of the group, rising 69.8% over the past month, while Cipher Mining (CIFR) followed with a 22.7% increase.
The trend further highlighted the close relationship between Bitcoin market performance and companies with heavy BTC exposure, particularly Michael Saylor’s strategy.
A recent report from AMBCrypto showed that while Bitcoin gained around 20% during the second quarter, MSTR increased almost 2.5 times more, highlighting the strong correlation between capital inflows and stock market performance.
Retail demand remains a key driver
As the correlation between Bitcoin and Bitcoin-related stocks continues to strengthen, the relationship could reverse if spot market demand weakens. As a result, spot market activity remains an essential metric for traders and investors.
Current market data indicates sustained buyer dominance in the spot market. Bitcoin’s cumulative volume delta continued to reflect a dominant Taker-Buy trend, with buying pressure remaining consistent since April 29, 2026, extending the streak to two weeks.
Spot market dynamics remained largely in favor of buyers. Purchasing activity has increased steadily over the past month, reflecting the broader strength of the Bitcoin market, according to data from CoinGlass Spot Exchange Netflow. Data from CoinGlass showed Spot Exchange Netflow reaching $1.15 billion.
Inflows of this magnitude suggest that investors continue to maintain a bullish outlook on Bitcoin, while additional capital entering the market could further strengthen the performance of BTC-related stocks.
Retail and institutional investors have also contributed significantly to the recovery. Data from SosoValue showed that investors recorded $1.97 billion in BTC purchases in April alone, followed by another $1.28 billion in May via net spot flows from Bitcoin ETFs in the United States.
Corporate accumulation increases
Private and public companies have continued to expand their Bitcoin holdings, highlighting growing institutional confidence in the asset.
The accumulation increased at the start of the second quarter. From April 1 to the current reporting period, Bitcoin holdings among public and private companies increased from 1.449 million BTC to 1.505 million BTC. As of press time, these entities have collectively added 56,338 BTC, worth approximately $4.54 billion.
This steady pace of accumulation highlights growing confidence in Bitcoin’s long-term prospects and could further support BTC-related companies if momentum persists.
Final summary
- The top 10 Bitcoin-related companies saw an average gain of 42% over the past month, with Bitcoin trading near $80,000.
- Public and private companies holding Bitcoin have collectively added approximately $4.54 billion worth of BTC to their balance sheets since the start of the second quarter.
