Bitcoin Hits $125k All-Time High: 9 Must-See Charts

Bitcoin Prints Fresh All-Time Highs

Over the weekend, Bitcoin, the world’s largest crypto asset, notched an all-time high of ~$125k per coin. Recently, I wrote a Bitcoin commentary about Coinbase Global (COIN) CEO Brian Armstrong’s bold prediction that Bitcoin will reach $1 million per coin by 2030. You can read it here:

“Is Brian Armstrong’s $1 million BTC Prediction by 2030 Unrealistic?”

During the Fox Business interview where Armstrong made the prediction, he emphasized the significance and power of long-term thinking in relation to Bitcoin. While I agree with much of Armstrong’s bullish Bitcoin thesis and will take it into account, as an intermediate-term speculator, I also find value in dissecting what the current data sets are telling investors. Below are five of the most important Bitcoin charts.

Bitcoin Overtakes Amazon in Market Cap

Thanks to its reputation as ‘digital gold’ and the emergence of Bitcoin ETFs, such as the iShares Bitcoin ETF (IBIT) and the ARK 21Shares Bitcoin ETF (ARKB), 2025 is the year when Bitcoin officially transformed into an institutional-sized asset class. With a market cap of ~2.45 trillion, Bitcoin’s market cap has surpassed Amazon’s (AMZN) market cap and sits just below silver as the world’s seventh-largest asset.

Bitcoin’s Long-term Returns are Spectacular

Assuming 2025 finishes green, Bitcoin has produced positive annualized returns in 13 of the past 15 years, with triple-digit (or more) percentage returns in nine of those years.

Bitcoin Enters Its Seasonally Strongest Period

Historically, September and October are the best months to own Bitcoin. Bitcoin has been green in October 73% of the time while averaging a robust 29.23% return. Meanwhile, with an average return of 37.64%, Bitcoin returns in November have been unmatched. You can read more about ‘Uptober’ here.

The Number of Bitcoins on Exchanges Reaches 6-year Lows

Bitcoin that lives on exchanges, such as Coinbase, tends to change hands more frequently than Bitcoin held in cold storage. As Bitcoin demand increases, supply shocks can occur as the number of Bitcoins on exchanges is limited. Additionally, Bitcoin that is moved off exchanges is far more likely to be held by investors in the long-term, suggesting bullish conviction in Bitcoin’s future.

Bitcoin’s Hash Rate Reaches Highs

The Bitcoin hash rate measures the total computational power devoted to securing the Bitcoin blockchain. An elevated hash rate indicates that Bitcoin miners, like Riot Platforms (RIOT) and CleanSpark (CLSK), are investing more capital in the hardware and energy infrastructure required to mine Bitcoin. The increased investment suggests that, though their costs are have increased, these Bitcoin miners see higher Bitcoin prices in the future, and thus, their investments are justified.

Despite New Highs, Bitcoin Interest is Near 5-year Lows

Although Bitcoin notched fresh all-time highs last weekend, sentiment is muted. In fact, according to Google ‘Trends’ data, web surfers searched for Bitcoin four times more in 2020 than currently. A lack of excitement at highs suggests a bullish contrarian picture for the world’s dominant crypto asset.

The Global M2 vs. Bitcoin Correlation

Global M2 measures the money supply of central banks such as the US Federal Reserve. Higher global M2 means deeper liquidity. Historically, increased liquidity leads to increased bullish speculation, showing a correlation with and driving up the price of Bitcoin.

Bitcoin Technical Analysis

The price of Bitcoin has been range-bound since late July. However, it is currently attempting to break out. Should the breakout stick, the Fibonacci extensions suggest that Bitcoin could reach $134k by year-end. Adding to the breakout’s attractiveness was the volume that the IBIT ETF clocked on Friday. Volume turnover soared 89% above the 50-day average, signaling heavy bullish accumulation.

Gain Perspective by Changing Your Unit of Account

Bitcoin’s meteoric ascent can be put into eye-opening perspective when pricing everyday items such as the Apple (AAPL) iPhone in BTC terms.

Bottom Line

Bitcoin’s long-term bullish narrative remains powerfully intact, supported by a scarce supply, seasonal strength, and persistent liquidity. The road to the next major milestone appears well-supported by the metrics that matter most.

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This article originally published on Zacks Investment Research (zacks.com).

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