Bitcoin Soars to $120K: A Tale of Euphoria and ETFs 🚀💰

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Key Takeaways:

  • Bitcoin ascended to the dizzying heights of $120,000 on Coinbase, a feat largely attributed to BlackRock’s spot ETF, now boasting a staggering 700,000 BTC, surpassing Strategy by a considerable margin.

  • The Long-Term Holder NUPL, a metric of profound importance, remains tantalizingly below the overheated levels, suggesting that the market is yet to indulge in excessive profit-taking.

  • Network activity is on the rise, with daily transactions climbing without a hint of panic selling, while accumulation addresses are at a yearly high, holding a robust 250,000 BTC.

Bitcoin (BTC), the digital darling of the crypto world, has extended its July rally by breaching a new all-time high of $120,000 on Coinbase at 2:47 am on July 14. This monumental leap has seen the flagship crypto gain 13% this month, marking its third consecutive green monthly candle. 📈

The BTC rally, a spectacle of institutional enthusiasm, has been buoyed by the influx of funds, notably from BlackRock’s spot Bitcoin exchange-traded fund (ETF), IBIT, which has now amassed a record $83 billion in assets under management (AUM) on Thursday. 🏦

IBIT’s AUM has tripled in a mere 200 trading days, a feat that took the gold ETF, GLD, over 15 years to achieve. The spot ETF currently holds over 700,000 BTC, outpacing Strategy by nearly 100,000 BTC. Bloomberg ETF analyst Eric Balchunas, ever the keen observer, remarked:

“$IBIT blew through the $80b mark last night, the 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.”

One onchain metric, a harbinger of market sentiment, suggests that Bitcoin has not yet reached the peak of euphoria. The Long-Term Holder Net Unrealized Profit/Loss, a measure of whether long-term holders are basking in major profits, remains at 0.69, below the 0.75 level historically associated with overheating markets. In contrast to the last cycle, which lingered above this threshold for 228 days, this cycle has only spent about 30 days in that zone, hinting at loftier price targets. 🌟

Steady BTC Network Activity Adds to Its Bullish Case

Bitcoin analyst Axel Adler Jr., a sage in the realm of digital currencies, noted that Bitcoin’s network is gradually increasing usage without signs of profit-taking or panic. Daily average transactions have climbed from 340,000 to 364,000 over the past two days, though they remain below the 530,000–666,000 peaks witnessed during its previous market tops. Adler elucidated that this reflects a composed market environment and stated:

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

📊MARKET UPDATE: Daily #Bitcoin transactions jumped by 24K in two days, reaching 364K. While activity is improving, it still trails far behind the 2023–2024 highs of over 530K, leaving room for further network acceleration for $BTC. 📈

— CryptoMoon Markets & Research (@CryptoMoonMT) July 11, 2025

Meanwhile, CryptoMoon reported that accumulator addresses, those enigmatic wallets that consistently acquire BTC without significant outflows, have ramped up significantly over the past month. CryptoQuant data reveals that these wallets now hold 250,000 BTC, the highest level of 2024. The 30-day demand has surged 71%, up from 148,000 BTC in late June, reflecting renewed conviction among long-term buyers. 🤝

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2025-07-14 06:38