Bitcoin (BTC) has surged to a new all-time high of $125,802.54, surpassing its previous record of $125,559.21. According to Glassnode, a crypto data analytics firm, this rally is underpinned by strong fundamentals rather than speculative excess. Key drivers include robust ETF inflows, improved liquidity, and increased on-chain profitability. BTC ETFs now account for $164.5 billion, representing 6.74% of the total market cap, with net inflows exceeding $60 billion. On-chain activity has also intensified, with an 11% rise in active addresses, and nearly all BTC holders are currently profitable. Bitcoin's market cap has climbed to $2.49 trillion, although its dominance has slightly decreased to 58.92%.