Bitcoin's BTC/USD breakout remains structurally strong and well-supported, though Glassnode data indicates the market is transitioning into a more mature phase.
What Happened: According to Glassnode, rising leverage and measured profit-taking could inject near-term fragility, even as the broader uptrend remains fundamentally strong.
Bitcoin's rally across spot and futures markets is being fuelled by over $2.2 billion in ETF inflows, one of the strongest surges since April, alongside rising spot volumes and renewed institutional demand.
However, leverage has climbed sharply, with open interest hitting record highs and funding rates surpassing 8%, indicating the potential for short-term volatility or shakeouts.
In the options market, sentiment has shifted decisively bullish: implied volatility is up, skew has normalized, and traders are increasingly favouring call-heavy positions.
Yet this optimism has driven up the cost of upside exposure, creating a more crowded and volatile setup as the market juggles enthusiasm with leverage risk.
Also Read: Bitcoin Could Reach $150,000 If Q4 Seasonality Delivers, Trader Says
Why It Matters: Bitcoin has climbed to a new all-time high near $126,000, breaking through strong resistance between $114,000–$117,000 and highlighting renewed market strength.
On-chain metrics reveal robust accumulation by small-to-mid-sized holders (10–1,000 BTC), while whale selling has eased, signaling healthier, more organic demand.
This buying activity provides structural support around $117,000–$120,000, where 190,000 BTC last changed hands, marking a potential rebound zone if prices pull back.
Profit-taking has increased slightly but remains measured, consistent with a sustainable bullish phase rather than a market top.
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