Bitcoin (BTC) just established a new historical peak at $117,000 on Friday, driven by a strong wave of buying from accumulation wallet addresses. According to data from CryptoQuant, the total amount of BTC held by these wallets reached $248,000 on Wednesday – the highest recorded in 2025. Over the past 30 days, buying pressure from the accumulation wallet group surged by 71%, from 148,000 BTC on June 22.
Notably, the current accumulation level is second only to the record set on December 20 last year, when the amount of BTC held by accumulation wallets peaked at an all-time high of 278,000 BTC, while Bitcoin's price hovered around $97,000 at that time. The fact that investors continue to 'accumulate' despite the record high prices is clear evidence of strong belief in a long-term bullish trend.
The stable increase from the demand side is reinforcing the positive outlook for Bitcoin. After hitting a low in 2024 in Q4, this indicator has made an impressive recovery, showing that the bulls are gradually regaining control. Although total demand – including pessimistic selling pressure – is still in negative territory, the strong recovery of this indicator shows that market sentiment has significantly shifted. This reflects an increasingly strategic investment trend, as smart money prioritizes long-term holding over short-term profit-taking.
Bitcoin traders may not rush to take profits
While still on a journey to explore new heights, Bitcoin may soon face a notable barrier, according to market expert Axel Adler Jr.'s analysis. He stated that the MVRV (Market Value to Realized Value) index – a measure comparing the current market value and the total cost of ownership of the entire BTC supply – often serves as an early warning signal in distribution cycles. When the MVRV hits 2.75, it is usually the first pivot point, where profit-taking sentiment starts to emerge.
The latest data shows that the MVRV level of 2.75 corresponds to a Bitcoin price of around $130,900 – about 15% higher than the current price. This indicates that the market still has room for growth, although selling pressure may gradually form as the price approaches this level.
Meanwhile, the on-chain analysis company Glassnode reported that the realized cap of Bitcoin is on a strong upward trend – a sign that real money is flowing into the market. Unlike market capitalization, which can be influenced by speculative sentiment, the realized cap only increases when BTC is bought and sold at higher prices than before. The increase of this index by $4.4 billion after BTC surpassed the $113,000 mark is clear evidence of substantial investment activity.
Sharing the positive outlook, Kyle Reidhead – co-founder of the Milk Road platform – set an impressive price target of $150,000 for Bitcoin, based on the 'cup and handle' pattern that appeared last month. 'See you at $150K,' he wrote on platform X right after Bitcoin surpassed $112,000 – reflecting the increasingly widespread optimism before the market may witness a significant correction.