Bitcoin Hits New All-Time High at $120,000 as Institutional Inflows Surge
Bitcoin reached a historic milestone early on July 14, soaring to a new all-time high of $120,000 on Coinbase. The latest rally is driven by accelerating spot ETF inflows, particularly from BlackRock’s IBIT fund, alongside steady on-chain activity and strong conviction from long-term holders.
Institutional Demand Propels Rally
At the forefront of this surge is BlackRock’s iShares Bitcoin Trust (IBIT), which has become a dominant force in institutional Bitcoin adoption. As of Thursday, IBIT’s assets under management (AUM) surpassed $83 billion, with the fund now holding over 700,000 BTC, outpacing Strategy’s holdings by nearly 100,000 BTC.
According to Bloomberg ETF analyst Eric Balchunas, IBIT achieved this milestone in just 374 days, five times faster than the previous record held by VOO (1,814 days). Balchunas noted:
“$IBIT blew through the $80b mark last night… it’s now the 21st largest ETF overall.”
$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.. via @JackiWang17 pic.twitter.com/a0LuvfeSek
— Eric Balchunas (@EricBalchunas) July 11, 2025
This surge in institutional buying reflects growing mainstream acceptance of Bitcoin and suggests continued upside potential.
Market Still Far From Overheated
Despite the rapid gains, key on-chain indicators suggest that the market has yet to enter a euphoric phase. The Long-Term Holder Net Unrealized Profit/Loss (NUPL) remains at 0.69, comfortably below the 0.75 threshold typically associated with overheated markets.
During the last bull cycle, Bitcoin spent 228 days above this level. In contrast, the current cycle has only registered 30 days, indicating that further price appreciation may lie ahead before sentiment reaches its peak.
Network Activity Remains Bullish and Composed
On-chain analyst Axel Adler Jr. highlighted a gradual increase in daily transaction volume, rising from 340,000 to 364,000 in just two days. While this marks a solid uptick, it remains below the 530,000–666,000 peak seen during previous bull market tops.
“There are no signs of active coin selling in the market. This strengthens both the fundamental and technical bullish signal,” Adler said.
Accumulation Addresses Signal Long-Term Conviction
Further supporting the bullish case is the activity from accumulator addresses—wallets that steadily acquire BTC without significant outflows. According to CryptoQuant, these wallets now hold 250,000 BTC, marking a 2024 high.
Over the past 30 days, demand from these addresses has surged 71%, up from 148,000 BTC in late June. This trend indicates renewed confidence among long-term investors, even as prices climb to record levels.
Outlook: Room to Run?
With institutional participation accelerating, long-term holders showing restraint, and network fundamentals strengthening, Bitcoin’s latest breakout may be just the beginning of a broader rally. As the market avoids signs of froth and remains structurally healthy, analysts suggest that higher price targets may soon come into play.
