The Bitcoin price set a fresh all-time high near $125,700 before easing back as traders locked in gains and reassessed near-term risks. Despite the dip, market structure remains bullish. Spot ETF demand is accelerating, exchange balances are at multi-year lows, and macro tailwinds continue to favor “digital gold.”

With “Uptober” seasonality intact, several strategists now map a route toward $150K–$170K in Q4 if inflows persist.

Why Bitcoin Rallied to a Record

The latest breakout was supported by a perfect storm of demand and scarcity. U.S. spot Bitcoin ETFs drew $3Billion plus of net inflows in early October, led by heavyweight issuers, while on-chain data show exchange reserves sliding to 6–7-year lows (roughly 2.45–2.83M BTC).

That supply squeeze, Bitcoin moving to self-custody, tr

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