Why is Bitcoin up today (July 14)?
Bitcoin hits $121,300 as ETF inflows and institutional demand surge
Bitcoin (BTC) surged to a fresh all-time high of $121,300 this week, extending its July rally to a 13% monthly gain and notching its third consecutive green monthly candle.
This sustained uptrend reflects increasing investor confidence in BTC as both a store of value and a hedge against macroeconomic instability. Analysts view the breakout as another signal that institutional and long-term capital continues to rotate into Bitcoin, despite recent overbought conditions in broader markets.
Much of the momentum has been fueled by inflows into BlackRock’s spot Bitcoin ETF, IBIT, which reached a record-breaking $83 billion in assets under management (AUM). Notably, IBIT achieved this feat in just 200 trading days, a milestone that took gold ETF GLD over 15 years to reach. With over 700,000 BTC now under its control, IBIT has surpassed Michael Saylor’s Strategy by nearly 100,000 BTC, establishing BlackRock as the new titan of institutional Bitcoin accumulation. This surge in ETF adoption marks a pivotal evolution in how traditional finance engages with crypto markets.
Onchain data shows market strength without peak euphoria
While Bitcoin’s price action appears parabolic, market indicators suggest the rally may still have room to run. The Long-Term Holder Net Unrealized Profit/Loss (LTH-NUPL) metric currently sits at 0.69, well below the 0.75 “euphoria” threshold historically tied to market tops. For perspective, the last bull cycle spent 228 days above this threshold, compared to just 30 days so far in 2025, implying that the current rally could be far from exhausted. Similarly, onchain activity is rising modestly—daily transactions recently climbed from 340,000 to 364,000—still shy of the 530,000–666,000 range seen during previous market peaks.
Analyst Axel Adler Jr. interprets these data points as signs of a disciplined and healthy market, with no evidence of mass profit-taking or emotional trading. This reinforces the view that Bitcoin is benefiting from more strategic long-term accumulation rather than speculative mania. As institutional players continue to enter the market and retail participation remains steady, the market structure appears to be more mature than in past cycles, reducing the likelihood of a sudden collapse.
Analysts point to structural reasons behind the rally
According to crypto analyst Anton Kharitonov, Bitcoin’s ongoing rally is grounded in a strong macro and regulatory narrative. First, U.S. lawmakers are reviewing pro-crypto bills during the so-called “Crypto Week,” raising hopes for clearer legislation that could unlock broader institutional participation. Second, corporate treasuries and large investment funds are actively allocating to Bitcoin, driven by both diversification goals and strategic conviction. Meanwhile, spot ETF inflows continue to surge, boosting BTC’s liquidity and public legitimacy.
Kharitonov also highlights the growing interest from sovereign wealth and pension funds, which view Bitcoin as a long-term store of value amid global economic uncertainty. As inflation fears persist and fiat currencies remain under pressure, Bitcoin is increasingly being framed as a hedge against monetary policy missteps. These factors, combined with a maturing market structure, are why many analysts believe that Bitcoin may still be in the early phases of a much larger bull cycle.
Recently we wrote that Bitcoin (BTC) extended its July rally to reach a fresh all-time high of $121,300, pushing its monthly gain to 13%.
