Bitcoin Surges 10% to New All-Time High Above $123,000

Bitcoin's price surged to a new all-time high above $123,000, marking a significant increase of over 10% in the past week. This surge has pushed the global cryptocurrency market valuation above $3.87 trillion, nearing the $4 trillion mark. The rally has sparked discussions around volume dynamics and accumulation patterns, as analysts closely monitor potential early signals that could influence near-term market behavior.

Analysts BorisVest and Darkfost, contributors to CryptoQuant’s QuickTake platform, have identified technical patterns that emerged before and during Bitcoin’s latest breakout. Their analyses suggest that a combination of shrinking spot volume and surging accumulation activity may have contributed to the price increase. These insights provide a more nuanced view of the forces behind Bitcoin’s recent surge, especially as market participants weigh the upside potential against the possibility of volatility in uncharted price zones.

According to BorisVest, a notable collapse in spot trading volume on Binance preceded Bitcoin’s move out of the $100,000 to $110,000 consolidation range. Declining spot volumes often represent quiet periods of either accumulation or distribution. Binance, with its liquidity depth and user base, is seen as a reliable proxy for broader crypto market behavior. BorisVest noted that once the breakout began, trading volume spiked sharply. While such spikes can indicate local tops or bottoms, in this case, the surge in volume did not trigger a reversal but instead accelerated the rally. “That’s a strong signal. If the move had no real backing, we would have seen a fast pullback. Instead, Bitcoin kept pushing higher,” he wrote.

He emphasized that volume acts as a roadmap for identifying zones of trade concentration and potential shifts in sentiment, cautioning that while Bitcoin’s recent move appears structurally strong, market participants should be aware of the risks tied to high volatility zones. In a separate update, CryptoQuant analyst Darkfost observed that Bitcoin “accumulator addresses,” wallets with a history of only buying and not selling BTC, have collectively acquired roughly 248,000 BTC in 2025 so far. This is well above the monthly average of 164,000 BTC, pointing to intensified buying activity in recent weeks. “These addresses have no history of distribution and their continued activity at current price levels indicates long-term positioning,” he said.

Darkfost also cautioned that if Bitcoin enters a correction or consolidation phase, some of these wallets could begin selling, which would disqualify them as accumulators and potentially introduce significant selling pressure. At today’s prices, the accumulated 248,000 BTC are worth about $30 billion. For now, however, this cohort’s behavior reflects strong confidence in Bitcoin’s long-term trajectory, even as the asset trades at record highs.