Bitcoin Nears $120,000 Amid Rising Spot ETF Flows and Steady Network Activity, Suggesting Potential Upside

Key Points

1. BlackRock's spot Bitcoin ETF (IBIT) has accumulated $83 billion in assets under management (AUM) in just over a year, holding over 700,000 BTC, surpassing competitors by nearly 100,000 BTC.

2. Bitcoin's Long-Term Holder Net Unrealized Profit/Loss (NUPL) remains at 0.69, below the 0.75 threshold historically linked to market overheating, indicating sustainable bullish momentum.

3. Daily Bitcoin transactions have increased from 340,000 to 364,000 within two days, though still below previous peaks of over 530,000, reflecting steady network activity.

4. Institutional and retail investor synergy is reinforcing Bitcoin's market resilience, with key metrics like NUPL and rising transaction volumes providing insights into future market trajectories.

5. Gate led global crypto markets with over $256 million in net inflows in 24 hours, highlighting continued investor interest in the crypto space.