Bitcoin notches new record high amid “Uptober” surge
Bitcoin surged over $125,500 for the first time on Saturday.
Uptober has arrived.
Bitcoin reached an all-time high on Saturday, crossing $125,500 for the first time not even two months after hitting its previous record. The asset is up over 100% in the past year.
Kyle Chassé, founder of MV Global, told Sherwood News that this all‑time high is being driven from the top down.
“Spot ETF flows are vacuuming up supply every day — that’s the clearest sign Wall Street is here. ‘Uptober’ helps, and the market is shrugging off the shutdown headlines and political noise because bitcoin is the neutral, non‑sovereign asset people use as insurance against policy risk and fiat debasement,” Chassé said.
He said that if ETF inflows keep soaking up coins anywhere near current run rates, reaching $145,000 by year‑end is “very doable.”
“Volatility will pop up, but the base case for this bull cycle is solid,” he said.
Lucas Kiely, founder of Future Digital Capital Management, noted that caution is warranted at this point in the cycle.
“Euphoria leads to leverage, and bigger price swings put overleveraged traders at risk of liquidations. This can easily lead to liquidation cascades, wiping out traders who have taken on too much uncalculated risk,” he said.
Meanwhile, bitcoin ETF inflows had their second-best week since inception in January 2024, raking in $3.2 billion. BlackRock’s iShares Bitcoin Trust, with $95 billion in assets under management, continues to lead the pack, seeing $1.8 billion in inflows last week.
