BTC Hits $120K as Profit Taking Remains Below Previous Peaks

Key Takeaways:

• Bitcoin rallied to $120,000 on Coinbase, led by BlackRock’s spot ETF, which now holds over 700,000 BTC, surpassing Technique.

• BTC Lengthy-Time period Holder NUPL stays beneath overheated ranges, indicating minimal revenue taking.

• Each day transactions are rising with out panic promoting, whereas accumulation addresses maintain a yearly excessive of 250,000 BTC.

Bitcoin (BTC) prolonged its July rally by clearing a brand new all-time excessive of $120,000 on Coinbase on July 14 at 2:47 am UTC.

The flagship crypto is now up 13% this month, main to shut its third consecutive inexperienced month-to-month candle.

The BTC rally has been supported by institutional inflows, led by BlackRock’s spot Bitcoin exchange-traded fund (ETF), IBIT, which hit a record $83 billion in belongings underneath administration (AUM) on Thursday.

IBIT’s AUM has tripled in simply 200 buying and selling days, a milestone that took the gold exchange-traded fund GLD over 15 years to perform. BlackRock’s Bitcoin ETF presently holds over 700,000 BTC, surpassing Technique by almost 100,000 BTC.

Bloomberg ETF analyst Eric Balchunas said,

“$IBIT blew via the $80b mark final night time, quickest ETF to get there in 374 days, about 5x quicker than the earlier file, held by $VOO, which did it in 1,814 days. Additionally at $83b it is now twenty first largest ETF total.”

One onchain metric suggests Bitcoin hasn’t entered peak euphoria but. The Lengthy-Time period Holder Web Unrealized Profit/Loss, a measure of whether or not long-term holders are sitting on main income, stays at 0.69, beneath the 0.75 stage traditionally linked with overheating markets. In comparison with the final cycle, which noticed 228 days above that threshold, this cycle has solely spent about 30 days in that zone, hinting at larger value targets.

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

Regular BTC community exercise provides to its bullish case

Bitcoin analyst Axel Adler Jr. stated that Bitcoin’s community is steadily growing utilization with out indicators of profit-taking or panic. Each day common transactions climbed from 340,000 to 364,000 over the previous two days, however stay beneath the 530,000–666,000 peaks seen throughout its earlier market tops. Adler defined that this displays a composed market setting and stated, 

“There aren’t any indicators of energetic coin promoting out there. This strengthens each the elemental and technical bullish sign.”

📊MARKET UPDATE: Each day #Bitcoin transactions jumped by 24K in two days, reaching 364K. Whereas exercise is bettering, it nonetheless trails far behind the 2023–2024 highs of over 530K, leaving room for additional community acceleration for $BTC. 📈 pic.twitter.com/xbxD3GzRRU

— Cointelegraph Markets & Analysis (@CointelegraphMT) July 11, 2025

In the meantime, Cointelegraph reported that accumulator addresses, wallets that constantly purchase BTC with out vital outflows, have ramped up considerably over the previous month. CryptoQuant data shows these wallets now maintain 250,000 BTC, the very best stage of 2024. The 30-day demand has jumped 71%, up from 148,000 BTC in late June, reflecting renewed conviction amongst long-term patrons.

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

This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer includes danger, and readers ought to conduct their very own analysis when making a choice.