Bitcoin reaches new all time high at $122,000
On-chain data suggests the market has not reached euphoric levels, hinting at more upside potential.
Bitcoin reached a record high of $122,000 on Coinbase in the early hours of 14 July, extending its July gains to 13% and marking a third consecutive month in the green. The rally is fuelled by institutional demand, led by BlackRock’s IBIT ETF, which now holds over 700,000 BTC and exceeds $83 billion in assets.
BlackRock’s ETF has become the fastest in history to reach that milestone, outpacing previous records held by gold and equity ETFs. Analysts see this as a sign of growing confidence among major investors.
Despite the rally, on-chain indicators suggest that Bitcoin has not yet entered an overheated phase. The Long-Term Holder Net Unrealised Profit/Loss metric remains below the historical threshold associated with market tops.
Network activity continues to rise steadily. Average daily transactions have climbed to 364,000, still below previous cycle peaks, indicating a calm and composed market. Meanwhile, accumulation wallets have been increasing their holdings, now holding 250,000 BTC—the highest level recorded in 2024.
Data from CryptoQuant shows a 71% jump in 30-day demand, highlighting strong conviction from long-term holders. With no signs of mass profit-taking and institutional momentum growing, many analysts believe Bitcoin could push higher in the coming weeks.
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