Here’s What Really Happened Behind the Scenes Before Bitcoin Pumped to $108K

Bitcoin is back on the move, climbing dramatically from under $99K to over $108K in just two days.

Behind the scenes, major institutional players made aggressive moves that helped ignite this surge. Here’s what unfolded.

Bitcoin Dips Below $99K on June 22

After weeks of trading in a tightening range, Bitcoin experienced a sudden dip on June 22, falling to a low of $98,200. This sharp correction spooked retail traders and triggered a wave of liquidations, as Bitcoin had been trading above $100K for at least seven consecutive weeks. As a result, market sentiment turned cautious.

But the dip was short-lived.

On June 23, the narrative shifted dramatically. Specifically, ProCap BTC, an institutional investment vehicle led by prominent investor Anthony Pompliano, announced a $1 billion SPAC merger with Columbus Circle Capital to form ProCap Financial.

They revealed they had raised over $750 million in fresh capital, which Pompliano described as the largest amount ever raised for a Bitcoin-focused company. Within hours of the announcement, ProCap began deploying capital aggressively into Bitcoin.

$514.5M in Bitcoin Buys

Less than 24 hours after the merger news, ProCap spent $386.5 million to purchase 3,724 BTC at an average price of $103,785. This accumulation coincided with a swift 5% rebound in BTC’s price, pushing it back above $106,000.

Today, ProCap added another 1,208 BTC worth $128 million to its holdings, this time at an average price of $105,977. This latest purchase brings its total acquisitions to 4,932 BTC worth approximately $514.5 million, acquired in under two days.

Market analytics platform Lookonchain observed a clear correlation between ProCap’s announcements and Bitcoin’s price recovery.

Why has $BTC surged so sharply over the past 2 days?

Most of the buying came from #ProCap BTC, which purchased 4,932 BTC worth $514.5M.

On June 23, they announced a $1B merger and had raised more than $750M.https://t.co/sUEUrfMgA2

In less than a day, they spent $386.5M to buy… pic.twitter.com/FbsMDpnAGI

— Lookonchain (@lookonchain) June 25, 2025

Other Institutional Players Quietly Accumulating Too

While ProCap grabbed headlines, several other institutional and public companies also disclosed significant Bitcoin purchases.

Strategy, led by Michael Saylor, acquired 245 BTC on June 23 for approximately $25 million. Notably, this came just a week after the company purchased 10,100 BTC for over $1 billion.

Also this week, the Smarter Web Company announced additional Bitcoin acquisitions as part of its long-term “10-Year Plan” treasury strategy.

Méliuz S.A. (CASH3), following the completion of a recent share offering, acquired 275.43 BTC for $28.61 million. This brought its total holdings to 595.67 BTC, purchased at an average price of $102,702.

Likewise, The Blockchain Group, Europe’s first public Bitcoin treasury company, added 75 BTC for approximately €6.9 million. As of June 23, it holds 1,728 BTC valued at €155.8 million, with a year-to-date yield of 1,231.7% and a quarter-to-date return of 64.5%.

Together, these moves confirm that Bitcoin accumulation is accelerating across multiple sectors and geographies.

Bitcoin Reclaims $108K, Eyes All-Time High

At press time, Bitcoin has reached an intraday high of $108,125, inching closer to its all-time high near $112,000. With trading volume rising and institutional sentiment turning bullish, momentum appears to favor the bulls.

It’s worth noting that, beyond institutional buying, the ceasefire deal in the Iran-Israel war was a major factor behind Bitcoin’s dramatic comeback.

President Donald Trump’s announcement of the war’s conclusion sent crypto markets surging almost immediately. The initial escalation of the conflict contributed to capital flight, which played a role in Bitcoin’s dip to $98K.

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