2 days ago
Bitcoin hits caller highs astatine $120,000 arsenic raging spot ETF flows, web activity, and semipermanent holder profits hint astatine higher targets.
Key Takeaways:
Bitcoin rallied to $120,000 connected Coinbase, led by BlackRock’s spot ETF, present holding implicit 700,000 BTC, surpassing Strategy.
BTC Long-Term Holder NUPL remains beneath overheated levels, indicating minimal nett taking.
Daily transactions are rising without panic selling, portion accumulation addresses clasp a yearly precocious of 250,000 BTC.
Bitcoin (BTC) extended its July rally by hitting a caller all-time precocious of $120,000 connected Coinbase astatine 2:47 americium connected July 14. The flagship crypto is present up 13% this month, starring to adjacent its 3rd consecutive greenish monthly candle.
The BTC rally has been supported by organization inflows, led by BlackRock’s spot Bitcoin exchange-traded money (ETF), IBIT, which hit a record $83 cardinal successful assets nether absorption (AUM) connected Thursday. IBIT’s AUM has tripled successful conscionable ~200 trading days, a milestone that took the golden ETF, GLD, implicit 15 years to accomplish. The spot ETF presently holds implicit 700,000 BTC, surpassing Strategy by astir 100,000 BTC.
Bloomberg ETF expert Eric Balchunas said,
“$IBIT blew done the $80b people past night, fastest ETF to get determination successful 374 days, astir 5x faster than the erstwhile record, held by $VOO, which did it successful 1,814 days. Also astatine $83b it's present 21st biggest ETF overall.”One onchain metric suggests Bitcoin hasn’t entered highest euphoria yet. The Long-Term Holder Net Unrealized Profit/Loss, a measurement of whether semipermanent holders are sitting connected large profits, remains astatine 0.69, beneath the 0.75 level historically linked with overheating markets. Compared to the past cycle, which saw 228 days supra that threshold, this rhythm has lone spent astir 30 days successful that zone, hinting astatine higher terms targets.
Bitcoin: Long Term Holder NUPL. Source: Glassnode/XRelated: Bitcoin, Ether ETFs timepiece second-biggest time of inflows connected record
Steady BTC web enactment adds to its bullish case
Bitcoin expert Axel Adler Jr. said that Bitcoin’s web is gradually expanding usage without signs of profit-taking oregon panic. Daily mean transactions climbed from 340,000 to 364,000 implicit the past 2 days, but stay beneath the 530,000–666,000 peaks seen during its erstwhile marketplace tops. Adler explained that this reflects a composed marketplace situation and said,
“There are nary signs of progressive coin selling successful the market. This strengthens some the cardinal and method bullish signal.”📊MARKET UPDATE: Daily #Bitcoin transactions jumped by 24K successful 2 days, reaching 364K. While enactment is improving, it inactive trails acold down the 2023–2024 highs of implicit 530K, leaving country for further web acceleration for $BTC. 📈 pic.twitter.com/xbxD3GzRRU
— Cointelegraph Markets & Research (@CointelegraphMT) July 11, 2025Meanwhile, Cointelegraph reported that accumulator addresses, wallets that consistently get BTC without important outflows, person ramped up importantly implicit the past month. CryptoQuant data shows these wallets present clasp 250,000 BTC, the highest level of 2024. The 30-day request has jumped 71%, up from 148,000 BTC successful precocious June, reflecting renewed condemnation among semipermanent buyers.
Related: Peter Schiff says merchantability Bitcoin for metallic arsenic BTC smashes caller highs
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