Bitcoin Continually Shakes Up the Market
Since the beginning of September, the Bitcoin market has been soaring. Concluding the weekend trading session (10/10), the world’s largest cryptocurrency traded at $123,109.79. Bitcoin set a peak of $125,449.77 last weekend.
Repeatedly hitting new highs has boosted Bitcoin’s market capitalization to $2.453 trillion. The largest cryptocurrency shows no signs of slowing down. On-chain data and derivatives activity indicate that the market is consolidating on a stable foundation, rather than relying on short-term speculative waves.
According to CryptoQuant’s weekly report, the current market momentum remains strong, with profit-taking activities significantly lower compared to previous cycles, despite Bitcoin consistently reaching new highs this year.
Bitcoin is entering a strong bull season.
Entering October—a period investors dub “Uptober,” historically Bitcoin’s strongest month—the largest digital currency has triggered a widespread price surge across various cryptocurrencies, particularly among established altcoins.
CryptoQuant notes that over the past 30 days, Bitcoin holders have only realized approximately $30 billion in profits, 50% lower than the $63 billion peak in July and significantly down from the $78-99 billion seen during the rallies in March and December 2024.
The actual profit margin for long-term investors currently stands at 129%, significantly below the 300% threshold that signals an overheated market. However, the absence of strong profit-taking selling pressure suggests further upside potential.
What stands out is that this price rally appears more sustainable compared to previous cycles. However, the lack of profit growth has investors on edge.
According to Adam Chu, lead researcher at GreeksLive, call options in the $120,000-$140,000 range hold the largest share, with $120,000 being the most concentrated level.
He explains that major investors are holding out-of-the-money call options, which only become profitable if Bitcoin’s price surpasses the strike price. This indicates that investors are betting on Bitcoin’s price climbing even higher,” the expert notes.
He adds that market makers’ gamma levels remain low, meaning small price fluctuations haven’t had a significant impact yet. Currently, $110,000 serves as a strong support level, and once the price breaks through the peak, buying pressure could increase rapidly.
Analysts suggest that the combination of disciplined holding behavior and a derivatives structure favoring buyers indicates that Bitcoin’s October rally remains on solid footing.
“I believe October’s market conditions are favorable for Bitcoin’s price increase. Many also express optimism about cryptocurrency values in the fourth quarter,” Adam Chu added.
Warning: Bitcoin Is Not an Asset
Hargreaves Lansdown, the UK’s largest retail investment platform, has issued a stern warning: “Bitcoin is not an asset,” as individual investors grow excited about relaxed cryptocurrency regulations.
“HL Investment’s view is that Bitcoin is not an asset. We do not believe cryptocurrencies possess the characteristics that make them suitable for inclusion in a portfolio for growth or income generation. Investors should not rely on cryptocurrencies to achieve financial goals,” the company stated.
The report comes as the UK’s long-standing ban on individual investors trading cryptocurrency-linked Exchange-Traded Notes (ETNs) was officially lifted on October 8.
Investors and the market still harbor significant doubts about cryptocurrencies.
ETNs are debt instruments linked to one or more specific assets—in this case, digital tokens—allowing investors to trade through a regulated exchange.
However, the immediate change sparked a warning from Hargreaves Lansdown, which serves millions of individual customers in the UK. “Performance assumptions for cryptocurrencies cannot be analyzed, and unlike other alternative assets, they lack intrinsic value,” the company emphasized.
When the UK government announced plans to lift the ban, they asserted it was a move to support “the growth and competitiveness of the UK’s cryptocurrency industry.” Many digital currency companies view this as a historic turning point for the nascent sector.
Under the new rules, investors can hold cryptocurrency ETNs in Stocks and Shares ISAs, allowing tax-free investments of up to £20,000 (approximately $26,753) annually.
However, experts caution that cryptocurrencies remain highly volatile assets. In 2022, the “crypto winter” wiped out $2 trillion from the market. Nonetheless, Bitcoin—the most popular cryptocurrency—has rebounded strongly and is currently trading around $120,000.
“While Bitcoin’s long-term returns are positive, it has experienced severe drawdowns. This is a highly volatile investment, significantly riskier than stocks or bonds,” Hargreaves Lansdown advises investors to consider carefully.
The company added that they recognize some customers still wish to “speculate with cryptocurrency ETNs,” and will open trading to eligible customers starting in 2026.
Financial World Divided
The cryptocurrency market has long divided global investors. Some major institutions are beginning to participate vigorously, while others remain skeptical.
Last month, Morgan Stanley announced it would soon offer cryptocurrency trading to individual investors through its E-Trade division, becoming the first major US bank to allow wealthy clients to invest in Bitcoin funds—a move quickly followed by other banks.
Meanwhile, JPMorgan is preparing to enter the stablecoin field, despite CEO Jamie Dimon’s repeated criticism of cryptocurrencies. Legendary investor Warren Buffett has also publicly opposed this asset class.
The market remains divided on whether to view cryptocurrencies as assets or speculative instruments.
In contrast, Chris Mellor, Head of ETF Product Management for EMEA at Invesco, believes digital assets can serve as a hedge against risk in investment portfolios.
“Bitcoin and other cryptocurrencies are sometimes viewed as ‘digital gold.’ The question is whether Bitcoin could one day replace gold as the preferred non-fiat asset,” Mellor commented.
Conversely, Nigel Green, CEO of DeVere Group, believes Bitcoin’s recent surge past $125,000 signals that cryptocurrencies have entered the financial mainstream.
“Investors no longer view Bitcoin as a sideline curiosity. Volatility persists, but it’s constructive volatility—characteristic of a price discovery phase in a maturing market,” Nigel Green told CNBC.
“Current Bitcoin holders are more steadfast, organized, and long-term focused. For strategic investors, Bitcoin remains a sustainable and reliable investment,” he emphasized.
Vietnam Opens Cryptocurrency Arena, Boosting the Digital Economy
Deputy Prime Minister Hồ Đức Phớc has signed and issued Resolution No. 05/2025/NQ-CP dated September 9, 2025, by the Government of Vietnam, regarding the pilot implementation of the cryptocurrency market in the country. This resolution will take effect from September 9, 2025.
UK’s Largest Investment Platform Declares: “Bitcoin Is Not an Asset”
A leading UK trading platform has issued a stark warning to investors anticipating profits from relaxed cryptocurrency regulations: digital assets should not be part of any investment portfolio.
Deputy Prime Minister Hồ Đức Phớc Meets with Tether Group Leadership
On October 9th, Deputy Prime Minister Hồ Đức Phớc received and held discussions with Mr. Marco Dal Lago, Vice Chairman of Global Development and Partnerships at Tether Group, and his delegation.
Today’s Crypto Market Update (Oct 8-10): Bitcoin Eyes $140,000 Milestone
Bitcoin is poised for a significant move, with experts identifying $125,000 as a critical support level. From this point, the cryptocurrency could surge toward the $140,000 target, marking a potential new milestone in its upward trajectory.
Hanoi Police Collaborate with Shark Binh
Authorities in Hanoi are collaborating with Mr. Nguyen Hoa Binh (Shark Binh) to investigate allegations surrounding the AntEx cryptocurrency project, following numerous reports of financial losses and complaints circulating on social media.
