TL;DR
- Institutional demand for spot Bitcoin ETFs, led by BlackRock’s IBIT hitting $84 billion AUM in just 200 trading days, blasted BTC past $121K.
- With a year-to-date gain of about 30%, Bitcoin has outpaced gold’s 27% rise to claim 2025’s top-performing asset spot amid US deficit worries and dollar weakness.
- On-chain data show restrained profit-taking and rising accumulation, long-term holder NUPL remains below danger levels, while analysts forecast $125K–$150K milestones ahead.
Bitcoin roared through the $121,000 barrier on Monday, marking a fresh all-time high as major institutions poured significant money into spot ETFs. BlackRock’s IBIT fund alone swelled past $84 billion in assets under management in a record 200 trading days, far outpacing gold’s flagship GLD ETF, which took 15 years to hit the same milestone.
Since July 1, inflows into US spot Bitcoin ETFs have topped $16.2 billion, fueling optimism that professional portfolio managers are embracing digital gold as a strategic hedge.
BTC Outshines Gold and Traditional Safe-Havens
This week, Bitcoin set a new peak above $121,000 and claimed the mantle of 2025’s best-performing asset. With a year-to-date gain of roughly 30%, it nudged past gold’s 27% rise, marking the first time in history that Bitcoin and gold share the top two spots on the leaderboard.
Investors have flocked to both assets as concerns mount over ballooning US deficits, a weakening dollar, and renewed geopolitical tensions across the globe. The rally drove Bitcoin to a brand-new historical high, hitting the $123K mark. At the time of writing, BTC is trading at around $121,000, increasing by more than 3%.
On-Chain Metrics Signal Fuel for Further Upside
Behind the scenes, network data paints a picture of restrained euphoria and ongoing accumulation. Long-term holder net unrealized profit/loss (NUPL) sits at 0.69, still below the 0.75 heat zone that typically precedes major corrections. Daily transaction volume hovers around 364,000, a far cry from the 530,000–666,000 peaks of past tops. Meanwhile, addresses that only buy and never sell have ramped up activity by 71% over the past month, collectively hoarding a peak of 250,000 BTC.
Analysts Eye $125K and Beyond
Market watchers see room to run. BTC Markets veteran Rachel Lucas forecasts a near-term climb into the $125,000–$128,000 range, while BTSE COO Jeff May pins $125,000 within one to two months.
More bullish voices like Eugene Cheung of OSL envision a push toward $130,000–$150,000 by year-end, and Ledn CEO John Glover has pinpointed a $136,000 target before December. With regulatory clarity on the horizon and macro pressures still mounting, the narrative driving Bitcoin’s latest ascent shows no signs of fizzling out.
