Bitcoin Edges Closer To A New All-Time High As Its UTXO Spikes

• An on-chain analyst at CryptoQuant forecasted that Bitcoin may be on its way to achieving a new all-time high due to the sustained rise in its UTXO.
• BTC displayed $906.04 billion UTXO on Sunday, surpassing its previous records.
• The leading crypto asset’s record high stands at $109,114.88 per BTC.

Bitcoin UTXO Rises to $906.04 Billion

Along the way, the analyst correctly predicted Bitcoin’s recent rally to $107K, a value it lost after the digital asset’s peak in January this year, after consolidating at $104 in over a week. The latest development edges BTC closer to its record high of $109,114.88 by less than 2%.

He explained that the range-bound phase began on May 8 when UTXOs soared to $891.62 billion. The numbers represented a $14.4 million increase in new BTC investments or a 1.61% rise in Realized Capitalization.

Growing Institutional Adoption

The analyst also noticed that the UTXO Value Bands between 100 BTC and 1,000 BTC spiked by 122,540 BTC, from 5,561,467 BTC to 5,684,007 BTC. This translates to a 2.2% gain, underscoring the bullish sentiment of whales in the digital asset.

The Cryptoquant contributor noted that BlackRock stood out as the only major fund that had increased its BTC holdings. Its haul went from 621,600 BTC to 631,902 BTC, showing a 10,302 BTC increase or a 1.66% addition to its haul. Other spot Bitcoin exchange-traded fund (ETF) players have either displayed considerable profit-taking or have maintained similar positions.

So far, US spot Bitcoin ETFs have accumulated $41.749 billion in total net inflows since their launch in January 2024. BlackRock is the primary contributor to the figures, accounting for $45.553 billion in net inflows. However, Grayscale’s massive outflows have offset the gains of the investment giant and other issuers with its negative $22.99 billion net inflows.

For the analyst, a sustained uptick in Realized Cap indicates strong investor confidence in Bitcoin. The continuation of the trend will likely result in another bull run for BTC and altcoins that have a high correlation with it.

In the last 24 hours heading to Monday, Bitcoin managed to overtake Alphabet’s (Google) market cap again as it passed the $2 trillion mark. This makes BTC sixth among the world’s top assets by market cap.

Today, analysts are on the edge of their seats as they await Strategy’s next Bitcoin purchase announcement following Metaplanet’s whale acquisition.