Bitcoin hits all-time high of $120,000 amid surging investment inflows

As reported by Cointelegraph, Bitcoin hit a new all-time high on Monday, surpassing $120,000. The cryptocurrency has gained 13% this month, fueled by strong institutional investment. A key driver behind the rally was BlackRock’s crypto-backed exchange-traded fund (ETF), IBIT, which saw its assets under management grow to a record $83 billion.

BlackRock now holds over 700,000 BTC, surpassing MicroStrategy by a staggering 100,000 coins. Bloomberg analyst Eric Balchunas noted that IBIT has made history as the fastest-growing ETF ever, hitting $80 billion in assets in just 374 days. That’s five times quicker than the previous record-holder.

The Bitcoin rally hasn't peaked yet. The Long-Term Holder Net Unrealized Profit/Loss metric currently remains at 0.69, below the 0.75 threshold historically linked to overheating markets. During the last cycle, prices remained above this level for 228 days. This time, however, we've only seen about 30. This suggests BTC's upward momentum likely has room to run, Cointelegraph commented.