Bitcoin taps new all-time high at $120K on Coinbase

Key Points

1. Bitcoin hit a record $120,000 on Coinbase, supported by BlackRock’s spot Bitcoin ETF (IBIT), which holds over 700,000 BTC and reached $83 billion in assets under management (AUM) in just 200 trading days.

2. Long-Term Holder Net Unrealized Profit/Loss (NUPL) remains at 0.69, below the 0.75 overheating threshold, indicating minimal profit-taking and potential for further price increases.

3. Bitcoin’s daily average transactions rose from 340,000 to 364,000, still below previous peaks of 530,000–666,000, suggesting room for network growth.

4. Large wallets holding 250,000 BTC (the highest in 2024) and a 71% increase in 30-day demand reflect strong institutional accumulation and renewed market conviction.

5. Bloomberg ETF analyst Eric Balchunas noted IBIT’s rapid growth, becoming the fastest ETF to reach $80 billion in AUM, surpassing previous records.