Bitcoin sees $23 billion buying spree as price rebounds to near $120,000

Insights Bitcoin

Institutional demand and regulatory support boost Bitcoin recovery after profit-taking sell-off.

The Bitcoin cost basis heatmap shows that investors aggressively accumulated approximately 196,600 BTC between $116,000 and $118,000 following the top asset’s recent price correction.

According to Glassnode data, this buying activity, valued at over $23 billion, suggests strong conviction among market participants and potential positioning for further upside.

Bitcoin Price Heatmap (Source: Glassnode)

The accumulation came shortly after Bitcoin retraced to around $115,000, following a new all-time high of $123,000 on July 14. The drop was driven mainly by over $3.5 billion in realized profits, primarily from long-term holders capitalizing on gains.

Despite the sell-off, Bitcoin’s price has quickly rebounded to around $118,000 at the time of writing.

The recovery can be attributed to growing institutional demand and optimism that supportive US legislation will pass the House later today. Both of these appear to have restored investor optimism and fueled the ongoing market uptrend.