Bitcoin has been trading steady, over $118,000 after a week of significant institutional developments and groundbreaking milestones in chain metrics. According to Coindesk data, BTC has increased by 1.45% in the last 24 hours, increasing its 30-day profit to 10.42%, increasing its annual performance to over 26%.
Blockchain analytics company GlassNode was highlighted in its latest “Week On-Chain” report that July brought about one of the most powerful upside breakouts of the year. After soaking at about $105,400 early in the month, Bitcoin surged to an all-time high of $122,700, setting in a consolidation phase below that level. The report said the price rallies have caused substantial benefits from long-term holders, attracting new buyers and leading to a sustained inflow of capital into the assets.
As a result, Bitcoin’s realized capital letters (a measure of the total value of a coin based on the last time it moved) exceeded $1 trillion for the first time. Unlike market capitalization, which reflects current prices multiplied by total supply, the realized cap tracks the actual liquidity that has been deployed to Bitcoin over time. This milestone reflects the growing confidence of both long-term holders and new entrants, indicating a deeper liquidity base for the assets. It also points to the growing role of Bitcoin at the macroeconomic stage, with the ability to absorb and deposit more capital.
Institutional activities continue to dominate the headlines. On Friday, Mike Novograts’ Galaxy Digital (GLXY) announced in a press release “the successful execution of one of the biggest conceptual Bitcoin transactions in the history of crypto on behalf of clients.”
Galaxy said it had executed over $9 billion in Bitcoin trading on behalf of legacy investors since the beginning of the network. The 80,000 BTC sales were reportedly one of the largest types in the history of the code and were part of a client’s estate plan.
Meanwhile, on Friday, CNBC resurfaced Tesla’s second quarter details for its 2022 revenue applications.
With Bitcoin at around $118,000 on Friday morning, David Faber, co-host of “Squawk on the Street,” is estimated to have been Tesla held full Bitcoin Holdings. That’s over $5 billion, more than four times the reported valuation of $125 million in the last quarter.
Technical Analysis Highlights
- According to Coindesk Research’s Technical Analytics Data Model, digital assets gathered over 3% in the 23-hour session, which concluded at 14:00 UTC on July 26th, opening up a trading range of $3,300, ranging from $114,937 to $118,237.
- Support continues to be solid in the $117,140-$117,330 zone, but resistance appears to be below the $118,200 threshold.
- The final hour of the transaction earned a modest 0.07% profit as BTC rose from $118,095 to $118,183.
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