Bitcoin Hits New Record High of $126,000 as Uptober Rally Accelerates

Bitcoin’s price has surged past the $126,000 mark, reaching a new all-time high driven by substantial ETF inflows and stable mid-tier accumulation. Glassnode analysis reveals that this “Uptober” rally is fueled by over $2.2 billion in ETF investments and steady institutional buying activity, indicating strong demand from both investors and institutions. The critical support zone around the $117K mark, where nearly 190,000 BTC were acquired last, could provide a cushion if the price cools down. However, market risks remain due to rising leverage and the crowding of options positions, potentially leading to short-term volatility.