Bitcoin Reaches New All-Time High on Coinbase
Bitcoin set a new record by reaching $120,000 on Coinbase, continuing its upward trend. This surge comes as institutional investors show growing interest, with BlackRock‘s spot Bitcoin ETF, IBIT, accumulating over 700,000 BTC. The move reflects strong confidence in Bitcoin’s long-term value among both institutions and individual holders.
Institutional Demand Drives Growth
Institutional participation has played a key role in Bitcoin’s recent performance. BlackRock’s IBIT now manages $83 billion in assets, reaching this milestone faster than any ETF in history. Bloomberg analyst Eric Balchunas noted IBIT’s unprecedented growth rate compared to traditional ETFs.
Market Indicators Suggest Continued Potential
The Long-Term Holder Net Unrealized Profit/Loss metric currently sits at 0.69, below the 0.75 level that typically signals market overheating. Combined with steady transaction growth and limited sell pressure, this suggests room for further price appreciation.
Network Activity Shows Healthy Trends
Daily Bitcoin transactions have increased from 340,000 to 364,000, while remaining below previous cycle peaks. Accumulator wallets now hold 250,000 BTC, their highest level this year, indicating sustained buying interest from long-term investors.
Future Outlook
With strong institutional backing and measured profit-taking by long-term holders, Bitcoin’s fundamentals appear robust. These factors create favorable conditions for continued growth in the cryptocurrency market.
