Bitcoin reaches new all-time highs thanks to strong institutional investor interest and record inflows into ETF funds. Profit indicators and rising trading volumes suggest that the market is entering a healthy, sustainable growth phase with increasing investor confidence.

Bitcoin enters value discovery phase

Bitcoin according to Glassnode Insights analysis is entering a new price discovery phase, where the key role is played by the Sell-Side Risk Ratio. This ratio measures the value of realized gains and losses relative to the total realized value, revealing investors’ willingness to spend their coins. In recent weeks, this indicator has recovered from its minimum, signaling a slight increase in profit-taking after a calm period.

Although the metric is still significantly below historical extremes typical for cycle peaks, the current growth indicates that investors are realizing their profits prudently rather than impulsively. Selling remains limited and stable, consistent with a healthy growth phase. However, the situation needs monitoring, as continued price increases could change the dynamics.

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ETF inflows strengthen investor confidence

Shifting focus from on-chain metrics to market demand shows that Bitcoin has reached a new all-time high near 126,000 dollars. This growth was supported by a wave of inflows into U.S. spot ETF funds, which after September outflows saw a return of over $7.2 billion within 7 days.

This is one of the strongest buying waves in history, absorbing available supply on the market and strengthening liquidity. Historically, according to Coinglass, the fourth quarter is favorable for Bitcoin, as it is associated with a higher risk appetite. If these inflows continue through October and November, they could provide a sustained support for price growth until year-end.

At the same time, trading activity is also increasing. Daily spot transaction volume reached its highest level since April. This rise confirms growing confidence in breaking new highs. To maintain the growth pace, it will be crucial for the market to keep stable liquidity and high trading levels, as historically, volume declines after sharp increases often preceded short-term corrections.

At the time of writing, Bitcoin is trading at approximately $121,000 according to TradingView. In recent days, it has faced a price pullback after previous sharp gains and increased market volatility.