Bitcoin has reached a new all-time high of $123,091, driven by retail demand surpassing miner supply following the April 2024 halving. Analysts from Bitfinex report that smaller investors and institutional capital are accumulating Bitcoin at a rate of 19,300 BTC per month, outpacing the 13,500 BTC issued by miners. This imbalance has created a 'supply squeeze,' with low exchange reserves and increased buying pressure from institutions. The Crypto Fear & Greed Index has shown a 'Greed' reading for five consecutive days, indicating potential market volatility.