Bitcoin Reaches New All-time High of $120,000
Bitcoin extended its July rally by reaching a new all-time high of $122,000, continuing its strong upward momentum throughout the month. The asset is now up over 15% in July, positioning it to close its third consecutive green monthly candle.
The rally has been driven by sustained institutional inflows, particularly into BlackRock’s spot Bitcoin ETF, IBIT, which recently reached a record $83 billion in assets under management. IBIT’s AUM has tripled in just 200 trading days—a milestone that took over 15 years for the gold ETF GLD to achieve. The fund now holds more than 700,000 BTC, surpassing Strategy by nearly 100,000 BTC.
“$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,” said Bloomberg ETF analyst Eric Balchunas.
On-chain data suggests the market has not yet entered peak euphoria. The Long-Term Holder Net Unrealized Profit/Loss (NUPL) currently stands at 0.69—below the 0.75 level typically associated with overheated conditions. By comparison, the last cycle spent 228 days above this threshold, while the current cycle has only done so for around 30 days, pointing to potential room for further upside.
Bitcoin’s network activity also supports the bullish trend. Analyst Axel Adler Jr. observed that usage is gradually increasing without signs of panic or widespread profit-taking. The daily average of Bitcoin transactions rose from 340,000 to 364,000 over the past two days, still below previous cycle peaks of 530,000 to 666,000.
“There are no signs of active coin selling in the market. This strengthens both the fundamental and technical bullish signal,” Adler said.
Meanwhile, Cointelegraph reported a significant rise in accumulator addresses—wallets that continuously acquire BTC without notable outflows. CryptoQuant data shows these wallets now hold 250,000 BTC, the highest level in 2024.
Over the past 30 days, demand from these addresses has surged 71%, rising from 148,000 BTC in late June, indicating renewed confidence among long-term holders.
Sources:
https://cointelegraph.com/news/bitcoin-hits-new-all-time-high-120k
https://cryptoquant.com/community/dashboard/6601f2c8c5dce70945dd6b2f?e=663a26ff5fdce4294ed8b0c1
https://www.tradingview.com/chart/?symbol=COINBASE%3ABTCUSD
https://x.com/EricBalchunas/status/1943664470032576876