Bitcoin breaks price record as ‘Uptober’ trend builds on market shift

Bitcoin has hit a new price record, surging 10 per cent over the last week to reach above $125,000 for the first time in its history.

The latest milestone appears to follow a trend dubbed ‘Uptober’ by figures within the crypto industry, with the market historically performing well in the month of October.

This has brought positive sentiment to the space, building on broader momentum driven by institutional adoption and increasingly favourable regulation.

The world’s leading cryptocurrency is now double the price it was this time last year, with some analysts predicting more gains before the end of 2025.

The BTC price peak has coincided with bitcoin holdings on centralised exchanges falling to a six-year low, according to figures from market intelligence firm Glassnode.

Roughly $15 billion worth of bitcoin has left exchanges like Binance and Coinbase over the last two weeks, moving instead to institutional funds, treasuries or self-custody.

This pattern typically points to a long-term holding strategy from investors, limiting the amount that will likely be liquidated in the near future.

Such market behaviour reflects a deeper structural change in how investors view digital assets, according to Nigel Green, chief executive of the financial advisory firm deVere Group.

“Bitcoin is no longer a speculative corner of the market; it’s being treated as a legitimate macro instrument. Institutional capital, treasury allocations, and sovereign interest are reshaping the market’s depth and maturity,” Mr Green told The Independent.

“Policy tailwind, coupled with clearer regulatory direction, is propelling bitcoin into the mainstream of portfolio strategy.”

This emerging status for bitcoin means it is no longer being viewed as a high-risk asset, according to Mr Green, who says the latest price peak is not simply a speculative bubble.

Unlike previous price cycles, he claims that bitcoin is increasingly seen as a legitimate safe-haven asset and an integral part of the global financial system.

“Large asset managers, corporates, and even governments are incorporating Bitcoin into their frameworks for diversification and strategic reserve management. The breadth of adoption is what gives this rally staying power,” he said.

“Bitcoin’s limited supply and growing integration make it an essential hedge in a world of mounting fiscal pressure and currency depreciation. Should confidence continue, $150,000 looks increasingly achievable before the end of the year.”

Other cryptocurrencies, which are still largely viewed as high-risk asses, have also seen major price increases in recent days, with ethereum (ETH), solana (SOL) and dogecoin (DOGE) all rising by more than 10 per cent over the last week.

The price rises have pushed the overall crypto market cap to an all-time high of $4.25 trillion. For comparison, gold is currently valued at around $26.6 trillion.

Some analysts have speculated that the bull run has been spurred on by speculation that the US Federal Reserve will further cut interest rates later this month, pushing investors towards assets that are typically more prone to risk.

“Investors [have] increased their bets that the Federal Reserve will further cut interest rates at their upcoming 29 October meeting following weaker-than-expected employment data from the US,” Simon Peters, a crypto analyst at the trading platform eToro, wrote in a research note on Monday.

“With the current sentiment in the markets being risk-on due to anticipating further interest rate cuts, there is every chance we could see the rally continue and new all-time highs being made in bitcoin, ethereum and other major capitalisation cryptos before the month is out.”