Bitcoin reaches a new peak of 121,000 USD as BlackRock's ETF breaks the record for capital inflow

Bitcoin (BTC) continues its upward trend in July, officially surpassing the new all-time high of over 120,000 USD today. The leading cryptocurrency has now increased by 15% this month, aiming to complete its third consecutive green candle.

The main driving force behind the upward momentum is the strong institutional capital influx, particularly from BlackRock's spot Bitcoin ETF – IBIT, which has just reached a record $83 billion in assets under management (AUM) on Thursday. After only 200 trading sessions, IBIT's AUM has tripled – a milestone that the gold ETF GLD took over 15 years to achieve. Currently, IBIT holds over 700,000 BTC, surpassing Strategy company by nearly 100,000 BTC.

BTC price exceeds $120KBloomberg ETF analyst, Eric Balchunas, stated:

"IBIT has surpassed the milestone of 80 billion USD in just 374 days – 5 times faster than the previous record held by VOO at (1.814 days). With 83 billion USD AUM, IBIT is currently the 21st largest ETF globally."

Market signs are not too hot yet

An important on-chain indicator – Net Unrealized Profit/Loss of long-term investors (LTH-NUPL) – is currently at 0.69, still below the 0.75 threshold often associated with "over-exuberant" phases. In the previous cycle, this indicator stayed above 0.75 for 228 days, while the current cycle has only been around 30 days, indicating that the market still has room for growth.

Long-term holders NUPL Bitcoin | Source: Glassnode/XAnalyst Axel Adler Jr. stated that the Bitcoin network is recording a stable increase in users, with no signs of dumping or panic. The average daily transactions have risen from 340,000 to 364,000 in the past two days – although still low compared to the old peak of 530,000–666,000 transactions/day. Adler commented:

"There are no signs that holders are panic selling. This reinforces the bullish signal both technically and fundamentally."

In addition, data from CryptoQuant shows that "accumulator" wallets ( – wallets that continuously buy BTC without significant outflows – have surged in the past month. According to CryptoQuant, this group of wallets currently holds 250,000 BTC, the highest since the beginning of 2024. Demand over the past 30 days has increased by 71%, from 148,000 BTC at the end of June to the current level, reflecting the strong confidence of long-term investors.

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