Bitcoins Price is Nowhere Near Overheating Despite Surge to $123K: CryptoQuant

Bitcoin's price recently reached over $123,000 on July 14th after previous highs of $112,000 on July 9th and $118,000 on July 11th. CryptoQuant data suggests the market isn't currently overheating, unlike previous rallies. This is based on the UTXO Age Bands metric, which shows less short-term selling pressure than in March and December 2024. This suggests that more holders are treating Bitcoin as a long-term asset. Institutional interest is also increasing, with 29 companies adding 4,209 BTC to their holdings between July 7th and 12th. U.S. spot Bitcoin ETFs saw over $2.7 billion in inflows last week, with BlackRock's IBIT ETF surpassing $80 billion in assets under management. The combination of institutional demand and less short-term selling could lead to more stable price increases.