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BTC hits $120K, as profit taking remains below previous peaks

Bitcoin By
This Bitcoin Investor Turned $7800 Into $1 Billion: Can You
This Bitcoin Investor Turned $7800 Into $1 Billion: Can You

The Key Takeaways

  • BlackRock’s spot ETF has now surpassed Strategy in holding more than 700,000 BTC.

  • BTC Long-Term NUPL stays below levels of overheating, showing minimal profits.

  • The daily transactions continue to increase without any panic sales, and accumulation addresses have reached a new high for the year of 250.000 BTC.

BitcoinBTCThe, extended its July rally and reached a record high on Coinbase of $120,000. This occurred at 2:47 AM on the 14th.. This month the flagship cryptocurrency is up by 13%, resulting in its third consecutive monthly green candle.

BlackRock’s Bitcoin spot exchange-traded funds (ETFs), IBIT and BTC, have been the main contributors to this rally. hit a record Assets under Management (AUM), valued at $83 billion, rose to $83 billion on Thursday.

IBIT’s AUM tripled within 200 days of trading, an achievement that would have taken the gold ETF GLD over 15 years. Spot ETF holds more than 700,000 BTC and is ahead of Strategy by almost 100,000 BTC.

Bloomberg ETF analyst Eric Balchunas said,

“$IBIT blew through the $80b mark last night, fastest ETF to get there in 374 days, about 5x faster than the previous record, held by $VOO, which did it in 1,814 days. Also at $83b it’s now 21st biggest ETF overall.”

The One Onchain Metric suggests Bitcoin isn’t at its peak yet. The Long-Term Holder Net Unrealized Gain/Loss is a gauge of long-term holdings that shows if they are sitting with major gains. It remains below 0.75, which has historically been associated with overheated markets. This cycle is only 30 days higher than the previous cycle which spent 228 days over that threshold.

Nupl: Bitcoin Long-Term Holder. Source: Glassnode/X

Related: Bitcoin, Ether ETFs clock second-biggest day of inflows on record

BTC’s bullish potential is further enhanced by the steady network activity.

Bitcoin Axel Adler Jr. says that Bitcoin’s growing network shows no signs of profit taking or panic. Daily average transactions climbed from 340,000 to 364,000 over the past two days, but remain below the 530,000–666,000 peaks seen during its previous market tops. Adler stated that it reflects the composed environment of the market and added, 

“There are no signs of active coin selling in the market. This strengthens both the fundamental and technical bullish signal.”

Cointelegraph reported that accumulator addresses, wallets that consistently acquire BTC without significant outflows, have ramped up significantly over the past month. CryptoQuant data shows These wallets hold the most BTC in 2024, at 250,000. Demand for 30-days has increased by 71% from late June’s 148,000 BTC, reflecting renewed confidence among long-term investors.

Related: Peter Schiff says sell Bitcoin for silver as BTC smashes new highs

The article is not intended to provide investment advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.