BTC Surges to New All-Time High: Key Insights from Lookonchain's Weekly Onchain Report

The cryptocurrency market demonstrated remarkable resilience last week, with Bitcoin (BTC) shattering its previous records by breaking above $125,000 to establish a new all-time high. According to Lookonchain's weekly report for September 29 to October 5, 2025, this surge occurred amid a slight decline in decentralized exchange (DEX) volumes, yet overall market confidence remained robust. Stablecoin supply saw a significant influx of $5.48 billion, signaling increased liquidity and potential for further upward momentum in crypto trading. Institutions such as Bitmine and Metaplanet continued their aggressive accumulation of BTC and Ethereum (ETH), underscoring a bullish sentiment that traders should monitor closely for entry points in spot and futures markets.

Diving deeper into stablecoin dynamics, the total market cap expanded by $5.478 billion, with notable shifts across blockchains. On Ethereum, USDT and USDC supplies grew by $2.24 billion, reflecting heightened activity and capital inflows into the network. Conversely, on Plasma, these stablecoins decreased by $716 million, which could indicate capital rotation or network-specific challenges. For traders, this stablecoin growth is a critical indicator of market health; increased supply often correlates with rising trading volumes and reduced volatility, providing opportunities for leveraged positions in BTC/USD or ETH/USD pairs. Historical data from similar periods shows that such inflows precede price rallies, suggesting potential support levels around $120,000 for BTC if any pullbacks occur.

DEX Trading Volumes: Spot and Perpetual Trends

Spot trading volumes on DEXs totaled $120.883 billion last week, marking a 13.86% decline from the prior week. Key platforms like Uniswap recorded $28.738 billion (down 0.53% week-over-week), while PancakeSwap saw $21.964 billion (down 1.66%). Perpetual futures volumes fared similarly, reaching $224.218 billion with an 8.29% drop. Hyperliquid led with $58.919 billion (down 26.83%), followed by Lighter at $55.377 billion (down 12.31%). Despite these dips, the volumes remain substantial, offering traders insights into liquidity pools and potential arbitrage opportunities across chains. Analyzing on-chain metrics, this moderation in volumes might signal a consolidation phase post-BTC's ATH, where savvy traders could capitalize on volatility through options strategies or by monitoring trading pair correlations like BTC/ETH for relative strength indicators.

Institutional and whale activities further bolster the bullish narrative. Metaplanet acquired 5,268 BTC worth $603.7 million at an average price of $116,870, bringing their holdings to 30,823 BTC valued at $3.53 billion with an overall average cost of $107,912. This accumulation highlights strong conviction, potentially setting resistance levels above $125,000 as profit-taking zones. Meanwhile, Bitmine added 179,251 ETH for $821.75 million, amassing 2,830,151 ETH worth $12.97 billion. Such moves by major players often precede broader market uptrends, influencing sentiment in related tokens and creating trading setups in ETH futures. Traders should watch on-chain transfer volumes and wallet activities for signals of continued buying pressure, which could push BTC towards $130,000 in the near term.

Trading Opportunities and Market Implications

From a trading perspective, BTC's breakthrough above $125,000 on October 5, 2025, establishes a new support zone around $120,000-$122,000, based on recent price action and volume profiles. The stablecoin surge enhances liquidity for high-volume trades, reducing slippage in major pairs. Institutional ETH accumulation by Bitmine suggests potential outperformance in altcoins, with ETH/BTC ratios worth monitoring for rotation plays. Overall, the report points to a market ripe for long positions, but traders must remain vigilant for any reversals triggered by external factors like regulatory news. By integrating these on-chain insights, investors can identify high-probability setups, such as breakout trades on DEX perps or spot accumulations during dips, aligning with the evident market confidence.