In its latest analysis titled “October Surge,” Glassnode, a cryptocurrency research firm, highlighted Bitcoin’s impressive rise beyond the supply threshold of $114,000-$117,000. The digital currency surged to an astonishing $126,000 due to robust market dynamics.
The report attributed this upward movement to unprecedented ETF inflows and a notable accumulation trend among mid-tier investors.
As per the findings, 97% of Bitcoin’s supply is currently profitable. Glassnode observed that such levels often lead to consolidation phases; however, profit-taking remains subdued at present. This suggests ongoing market rotation rather than significant distribution pressure.
The firm identified the $117,000 price cluster as a new support level where smaller and medium-sized investors are actively purchasing while larger stakeholders capitalize on gains.
This remarkable ascent was driven by weekly ETF inflows surpassing $2.2 billion alongside heightened spot demand. Consequently, both price points and market activity reached unprecedented heights with spot trading volumes peaking for the year.
Glassnode pointed out increased open interest and funding rates in derivatives markets—particularly from late-entry long positions—which have disrupted equilibrium within these markets. The recent correction might aid in restoring balance among positions.
Within options trading spheres: implied volatility climbed; skew ratios balanced out; call-heavy transactions intensified—all signaling strong momentum yet cautioning against overly optimistic stances potentially heightening short-term volatility risks.
The firm’s on-chain data revealed approximately 190k BTC exchanged hands between $117k–$120k—indicating potential re-demand zones should pullbacks occur moving forward
Ultimately Glassnode asserted that breaking through previous barriers up till reaching peak value demonstrates inherent structural resilience across bitcoin’s marketplace though growing leverage coupled with concentrated longs may introduce vulnerabilities temporarily
*This information does not constitute investment advice .