Bitcoin Breaks $120K As Altcoin Season Gains Momentum

October started on a firm footing for Bitcoin, as it saw a surge beyond $120,000 before settling a little shy at $119,800. Institutional inflows have mainly contributed to this rally. A net inflow of 5,643 BTC was recorded into Bitcoin ETFs, valued at $675 million. BlackRock alone entered 3,451 BTC worth $412.87 million, increasing its total holdings to 773,461 BTC or $92.5 billion. Ethereum ETFs also saw considerable activity. 14,864 ETH worth $65.6 million were added, with Fidelity taking the lead. It is Fidelity, at least, that holds 772,054 ETH worth about $3.4 billion. These statistics paint a clear picture of growing institutional adoption in cryptocurrency. Surpassing $120K happened in a three-day spell of $1.6 billion ETF inflows, with BlackRock’s IBIT spearheading the charge. Many analysts interpret these inflows as imposing a solid floor on prices. Now, traders are looking at a retest of August’s $124K highs. But caution is still warranted; bears argue that much of the momentum is coming from perpetual futures rather than spot demand. Liquidity remains stacked below present levels; if momentum stalls, analysts see sharp retracements coming. The Altcoin Season Index is now at 66, showing increasing strength. However, it has still not crossed the alt-season threshold. Market analysts are expecting Bitcoin to dominate market movement in October. Altcoins will then potentially follow once Bitcoin enters consolidation. Still, evidences for capital rotation keep surfacing.Avalanche attracted attention after its entity AVAT declared a Nasdaq-bound merger-worth-675-million plans for 2026-a clue for strong institutional and corporate interests in blockchain ecosystems apart from Bitcoin and Ethereum.

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