Bitcoin Keeps Soaring, Surpassing a New All-Time High at $121,000 !
Bitcoin has surpassed its previous all-time high, reaching $120,000 on Coinbase. What does this record performance reveal about the current state of the crypto market ?
Market Context : The Institutionalization of the Bitcoin Rally
Bitcoin surged to $121,000 on Coinbase on July 14, buoyed by the massive capital inflow into BlackRock’s Bitcoin spot ETF. This fund, known as IBIT, now holds more than 700,000 BTC, exceeding MicroStrategy’s strategy by nearly 100,000 BTC.
This institutionalization of the BTC market has enabled IBIT to reach a record $83 billion in assets under management (AUM) in just 200 trading days, a growth rate 5 times faster than that of the renowned S&P 500 index fund (VOO).
Additionally, the NUPL index for long-term BTC holders remains below historical overheating levels, indicating that profit-taking is still limited. This suggests further price increases are on the horizon.
Healthy and Steady BTC Network Activity
Bitcoin analyst Axel Adler Jr. observed a gradual increase in Bitcoin network usage, with no signs of panic or mass selling. The average number of daily transactions has risen from 340,000 to 364,000 over the past two days.
At the same time, accumulator addresses, which regularly accumulate BTC without significant outflows, have increased substantially over the past month, reaching an annual record level of 250,000 BTC. This reflects renewed confidence among long-term investors.
With this new all-time high of $120,000, Bitcoin has demonstrated its ability to push boundaries, driven by powerful institutional dynamics and an ever-increasing appetite from long-term investors.
Technical and on-chain indicators suggest new peaks are coming, confirming the strength of the current rally. Cryptocurrency enthusiasts can expect the upward trend to continue in the coming months.
Charles Ledoux
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
This article is for informational purposes only and should not be considered as investment advice. Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Trading cryptocurrencies involves risks, and it is important not to invest more than you can afford to lose.
InvestX is not responsible for the quality of the products or services presented on this page and cannot be held liable, directly or indirectly, for any damage or loss caused by the use of any product or service featured in this article. Investments in crypto assets are inherently risky; readers should conduct their own research before taking any action and invest only within their financial means. This article does not constitute investment advice.
Go Further
See More →
Prediction Market
How to bet on Kalshi in 2025? A complete beginner’s guide
Ethereum
Ethereum whales purchase $47 Million: Will ETH skyrocket to new heights?
Casino
Experience the Live Casino Twist on the Cult Classic Game Monopoly : Dive In Now !
Altcoins
Chainlink: Could Its ETF catapult LINK price to $20?
Exchanges
Battle of interfaces heating up on Hyperliquid: What’s happening?
