Bitcoin is on a bullish comeback move as the coin has gained 11.61% in the last seven days, as it inches closer to its all-time high (ATH) of $124,457. Amid this positive move, Matthew Sigel, VanEck’s head of Digital Asset Research, has dropped another bullish update.
Bitcoin self-custody moves tighten liquidity
According to Sigel, crypto exchanges appear to be experiencing declining reserves. In his post on X, Sigel stated that if the trend continues, at the start of business on Oct. 6, there might be a shortage of Bitcoin across the various exchanges.
He opined that it might be good thinking to acquire some Bitcoin before a shortage hits. However, a user immediately countered VanEck’s executive by noting that such a scarcity narrative has been making the rounds in the past four years.
Sigel’s reply is instructive as he insists that a scarcity was in play. “Well, I only got the calls from the exchanges today. I told them we aren’t selling,” he wrote.
Well I only got the calls from the exchanges today. I told them we aren’t selling 🤷♂️
— matthew sigel, recovering CFA (@matthew_sigel) October 4, 2025
This comment suggests that large holders and institutions like VanEck are being contacted to supply exchanges with Bitcoin. If this is true, it implies that there could be a supply shock with demand staying higher than supply.
It indicates that many Bitcoin holders have moved their coins off exchanges into self-custody, typically reducing liquidity. Such a scenario is a perfect condition to further drive Bitcoin prices higher.
As of this writing, Bitcoin is changing hands at $122,179.35, which represents a 1.52% increase in the last 24 hours. The flagship coin, which earlier hit an intraday peak of $123,944.70, is currently just 1.89% away from flipping its ATH.
The price surge has kept trading volume up by 1.12% at $73.51 billion within the same time frame. The uptick in activity suggests that the “Uptober” momentum is gaining ground.
Institutional bets signal new Bitcoin price peak
Worth mentioning is that the Bitcoin market looks ready to push the coin to a new ATH as investors have committed $45.3 billion in open interest on the asset. This extreme leverage move indicates that market participants are anticipating further highs from the leading cryptocurrency.
Meanwhile, Geoff Kendrick, Standard Chartered analyst, believes the coin has potential to hit $200,000 by the end of 2025. Kendrick drew a positive correlation between Bitcoin and U.S. Treasury term premiums, which are on the rise as a result of the government shutdown.