Bitcoin’s price surge to $120,000 has been significantly driven by massive institutional capital inflows, primarily through BlackRock’s spot Bitcoin ETF (IBIT). The ETF has accumulated $83 billion in assets under management within just over a year, establishing a commanding market position with over 700,000 BTC holdings – surpassing its nearest competitor by nearly 100,000 BTC.
Complementing these institutional moves, Bitcoin’s Long-Term Holder Net Unrealized Profit/Loss (NUPL) metric holds steady at 0.69, remaining below the critical 0.75 threshold historically associated with market overheating. This indicates sustainable bullish momentum and solid confidence among long-term investors.
Network activity shows consistent demand, with daily Bitcoin transactions climbing from 340,000 to 364,000 within a two-day period. While still below the previous peak exceeding 530,000 transactions, this upward trend reflects continued utility growth.
The convergence of institutional participation and strong holder conviction reinforces market resilience. Key on-chain indicators including NUPL and rising transaction volumes provide crucial insights into Bitcoin’s trajectory. Meanwhile, exchanges report persistent investor interest, with Gate leading global platforms by recording over $256 million in net inflows within 24 hours.