💥 Bitcoin Holds All-Time High Above $124,000 as Uptober Kicks Off – Institutional Money Signals Spread Strongly
The crypto market kicked off the second week of October on a high note as Bitcoin (BTC) continued to hover around the $124,000–$125,000 range, holding onto much of its upside momentum after setting a new record high above $126,000 on Monday.
Bitcoin’s strong rally was fueled by a wave of inflows into US spot ETFs, safe-haven sentiment amid the threat of a prolonged US government shutdown, and the signature “golden season” that investors have dubbed by its familiar name — Uptober.
🔹 ETF Inflow Explosion – Main Engine for New Bull Run
According to SoSoValue data, in the first week of October alone, US spot Bitcoin ETFs attracted over $3.2 billion, marking the second strongest week of inflows since the products launched earlier this year.
October 3 alone saw nearly $1 billion poured into ETFs – a testament to the explosion of institutional confidence in the world’s largest digital asset.
Analysts say spot ETFs are becoming an important bridge for traditional institutions to easily access the cryptocurrency market without directly holding BTC.
This is gradually transforming the image of Bitcoin – from a speculative asset to a strategic investment tool, similar to digital gold in risk management portfolios.
🔹 “Devaluation Trade” and Safe-haven Sentiment
As Washington continues to stalemate over the budget, the prospect of a prolonged US government shutdown has led many investors to turn to non-sovereign assets such as Bitcoin and gold.
This is a trend often referred to as the “devaluation trade” – when investors seek shelter from policy risks and inflation.
“Bitcoin is increasingly becoming a hedge against uncertainty. Each new wave of ETF inflows reflects a shift from risky assets to strategic assets,”
— Andrei Grachev, Managing Partner at DWF Labs, commented.
🔹 “Uptober” – The return of the bullish season effect
October has long been nicknamed “Uptober” by the crypto community, as historical statistics show that Bitcoin typically records its highest average annual gain during this period.
The combination of institutional capital, bullish sentiment, and seasonal effects is creating the ideal environment for BTC to continue to maintain its high price range.
However, after the sharp increase above the peak, some short-term traders took profits, causing the price to temporarily adjust slightly around the $124,700 mark – considered a healthy accumulation zone before the market establishes a new direction.
🔹 Altcoins move together – Ethereum leads
Along with Bitcoin, the altcoin group also recorded positive developments:
Ethereum (ETH) increased by more than 3%, trading around $4,720, consolidating its position as the second largest digital asset globally.
Dogecoin (DOGE) inched up by more than 1%, following the recovery of the meme coin market.
Cardano (ADA) and Polygon (MATIC) both increased slightly, while Solana (SOL) temporarily adjusted after the previous hot streak.
🔹 Galaxy Digital Challenges Robinhood with New Trading Platform
In related crypto stock market developments, Galaxy Digital (GLXY) launched its GalaxyOne platform, which allows for commission-free trading of stocks and cryptocurrencies – a move seen as a direct counter to Robinhood (HOOD).
Galaxy Digital shares rose 7% on Monday and continued to rise another 2.7% in early trading on Tuesday.
🔸 Summary: Bitcoin Enters Uptober in a Leading Position
As Uptober kicks off strongly, Bitcoin is showing its strength not only through price but also through cash flow structure.
The combination of:
Strong ETF inflows,
Safe-haven sentiment ahead of the US budget crisis,
and a bullish seasonality,
is laying the groundwork for a new bull run that could last until the end of 2025.
Bitcoin isn’t just leading the market — it’s redefining the role of digital money in the global financial system.