Bitcoin Hits New All-Time High as Short-Term Holders Generate $10.1 Billion in Profits

Bitcoin is making new history, reaching a record high of over $4,500. The surge comes amidst a significant accumulation by whales and short-term holders. Recent on-chain data reveals that whales bought 60,000 Bitcoin in just one week, while wallets holding between 100 and 1,000 BTC collectively added more than 60,000 Bitcoin to their holdings, indicating strong bullish sentiment. Analysis suggests this buying activity is driven by growing confidence in the future of Bitcoin as a store of value and potential payment system, with market sentiment building for an upcoming ‘Uptober’ rally.