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#BTC Hits New High# While a record sell-off is expected, Bitcoin investors continue to accumulate.
Bitcoin rose to $113,800 after on-chain data revealed a 71% increase in the holdings of addresses accumulating BTC.
Bitcoin's MVRV metric suggests that meaningful profit-taking may not begin until BTC reaches $130,900.
The $4.4 billion increase in BTC's realized market capitalization indicates concrete investment activity, not speculation.
Bitcoin (BTC) reached $113,800 on Thursday, driven by a significant increase in demand from saving addresses. According to the data, these addresses held a total of 248,000 BTC on Wednesday, marking a year-long high in saving activity. The 30-day demand from these addresses increased by 71% from 148,000 BTC on June 22nd to the current level.
This level of demand was last seen on December 20th. At that time, Bitcoin was trading at $97,000, and savings addresses reached an all-time high of 278,000 BTC. This renewed accumulation rate suggests that investors maintain their confidence even at higher price levels.
Bitcoin's demand momentum also supports this outlook, having rebounded sharply after reaching the lows seen in the fourth quarter of 2024. While cumulative demand (including bearish selling) remains negative, the indicator's rapid recovery suggests buyers are regaining control. This dynamic suggests strong underlying interest in spot BTC, with strategic accumulation outweighing short-term selling pressure.
Record institutional Bitcoin demand: Companies are filling their balance sheets with BTC
Bitcoin investors may postpone profit-taking
With Bitcoin's price discovery phase expected to continue, market analyst Axel Adler Jr. has identified a potential profit-taking level. Adler said that when the Market Cap to Realized Value ratio (MVRV) reaches 2.75, it typically signals the first central distribution threshold. The MVRV indicator compares the current market cap to the average cost basis of all BTC in circulation.
According to current data, this threshold corresponds to a Bitcoin price of $130,900. While this level may generate selling interest, it is still 17 percent above current prices, suggesting a potential continued upward trend.
He highlighted the increase in realized market capitalization, explaining that this reflects actual capital inflows. Unlike market capitalization, realized market value only increases when coins trade at higher prices. The $4.4 billion jump in market value following BTC's surpassing $113,000 reflects strong investor activity, not merely a speculative surge.
Kyle Reidhead pointed to $150,000 as a higher target for Bitcoin, citing the bullish "cup and handle" formation observed last month. "See you at $150K," Reidhead wrote in a post shortly after BTC reached $112,000, suggesting growing confidence in the bullish direction ahead of any meaningful correction.