Bitcoin Breaks $125,000: The October Melt-Up Is On

The Breakdown

Blockworks

Business, Investing

4.8 • 806 Ratings

🗓️ 7 October 2025

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

Bitcoin hit a new all-time high over the weekend, surging past $125,000 and capping its strongest week since May. Analysts point to ETF inflows, a weakening dollar, and broad asset rotation as drivers behind the move — while skeptics warn of monetary panic and late-cycle exuberance. In today’s episode, NLW explores whether this is a true macro melt-up, what it means for institutional adoption, and how traditional portfolios are evolving as hard assets take center stage. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownBW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:18.3	What's going on, guys? It is Monday, October 6th, and today we're talking about a new all-time high. Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown pod. Well, friends, October is in full effect with Bitcoin reaching a new all-time high
0:41.2	in the show notes are going to bit.ly slash breakdown pod. Well, friends, October is in full effect with Bitcoin reaching a new all-time high in the first week of the month.
0:43.1	Bitcoin topped out early Sunday morning, reaching a peak of around 125,750,000 750. The Saturday
0:49.1	night surge capped off a big week for Bitcoin, adding 10% and putting up its strongly weekly
0:53.8	performance since back
0:54.8	in May. Now, there has been a slight pullback since, but at the moment at least, the $124,000 level
1:00.6	looks pretty solid. Michael Saylor checked in as usual on Sunday, but signaled that Micro Strategy
1:05.9	didn't buy any Bitcoin over the past week, which means, for those of you paying attention
1:10.1	at home, that the entirety
1:11.5	of last week's 10% move happened without micro-strategy plowing into the market.
1:16.5	Analyst Will Clemente wrote, possible we get one last dip, but the most bullish thing about
1:20.5	this move on Bitcoin is that it wasn't driven by treasury companies or perp DGens.
1:24.5	It was driven by spot ETF buying, which is likely macro portfolio managers and
1:29.0	funds viewing Bitcoin as a rotation from commodities and small caps. The lack of leverage is
1:34.1	really noticeable, with futures open interest resetting sharply at quarters end last week.
1:38.6	Selling from long-term holders has also slowed to a trickle, setting the stage for a supply
1:42.6	squeeze. Bitcoin Jack argued that Bitcoin
1:44.8	must be heading higher, tweeting triple tops don't exist, and broadly there are two big narratives
1:49.2	driving this Bitcoin move. First, we have the government shutdown, which Fabian Dori, the
1:53.6	CIO at Cignam Bank said, had, quote, renewed discussion around Bitcoin's store of value role
	...

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