Bitcoin continues its upward momentum, recently breaching the $118,000 mark amid strong market support. Glassnode data show long-term Bitcoin holders now hold approximately 75% of the total BTC supply.
Long-Term Bitcoin Holders Hit All-Time High
The percentage of long-term Bitcoin holders has reached an all-time high, indicating deep investor conviction and a decline in short-term speculation. Historical data shows that similar levels of long-term holder supply often precede significant rallies.
Bitcoin Surges Above $118K
Bitcoin surged to $118,146, posting gains of 0.27% in a two-hour period. This confirmed a breakout from a key resistance range between $111,000 and $112,500, which has now flipped to support, reinforcing positive market sentiment. The rally began on July 10, when sideways trading gave way to sustained buyer pressure. Bitcoin added over $7,000 in value with strong green candles and minimal retracement.
ETF Inflows Signal Surge in Institutional Investment
Institutional interest in Bitcoin is rising, driven by demand from spot Bitcoin ETFs. CNBC reported that on July 10, ETFs absorbed nearly 10,000 BTC in a single day. This figure far exceeds Bitcoin’s daily issuance of 450 coins, underscoring extreme demand pressure. Matt Hougan of Bitwise noted that July 10 marked the second-largest net ETF inflow day ever.
The current market scenario suggests tightening supply of Bitcoin and increasing activity among long-term holders and institutional investors, creating potential for further price growth.