Bitcoin price sets new all-time high above $125K
ETF inflows, miner strength, and tightening supply drive Bitcoin past its prior peak amid renewed demand for scarce assets
3dMediSphere/Shutterstock and Adobe modified by Blockworks
Bitcoin has reached a new all-time high above $125,700 on October 6, as strong inflows into spot exchange-traded funds (ETFs) and falling exchange balances pushed the market higher.
According to Blockworks Research, roughly $3.5 billion of net ETF inflows in August reversed earlier summer outflows, setting a foundation for renewed accumulation.
September followed with a 5% month-over-month rebound, while exchange balances continued to decline — a sign that long-term holders are keeping coins off trading venues.
Miner fundamentals also support the advance: With estimated breakevens near $108,000 and hashrate and difficulty both at or near records, network security remains high and margins positive.
With about 94.9% of the total 21 million bitcoin supply already mined and annual issuance growth below 1%, scarcity continues to tighten. This breakout also comes after gold set its own all-time high above $3,800 in late September, historically a bullish precursor for bitcoin.
Seasonality adds tailwinds, with October often delivering double-digit gains.
However, open interest in bitcoin derivatives hovers near cycle highs, leaving room for sharp intraday reversals if leveraged positions unwind. Analysts at Blockworks Research note that sustained ETF demand and stable funding conditions will be critical for consolidation above prior highs.
If momentum holds, bitcoin’s “staircase” pattern of rallies and consolidations may extend into the final quarter of 2025.
This is a developing story.
This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication.
Get the news in your inbox. Explore Blockworks newsletters:
- The Breakdown: Decoding crypto and the markets. Daily.
- 0xResearch: Alpha in your inbox. Think like an analyst.
- Empire: Crypto news and analysis to start your day.
- Forward Guidance: The intersection of crypto, macro and policy.
- The Drop: Apps, games, memes and more.
- Lightspeed: All things Solana.
- Supply Shock: Bitcoin, bitcoin, bitcoin.
