Bitcoin flies to new all-time highs, topping $118,000 as institutions pile into ETFs
In this photo illustration a Bitcoin logo seen displayed on a smartphone with stock market percentages in the background.
Omar Marques | SOPA Images | LightRocket | Getty Images
Bitcoin continued its upward trend on Friday, reaching new all-time highs following significant inflows into bitcoin ETFs.
The price of bitcoin surged by 4% to $117,950.24, hitting a peak of $118,872.85. Ether also saw a 6% increase, crossing the $3,000 mark for the first time since February.
Bitcoin this week
Bitcoin ETFs experienced a significant increase in inflows on Thursday, with $1.18 billion flowing in. Ether ETFs also saw a substantial inflow of $383.1 million, marking the second-highest day of inflows.
The rally initially started on Wednesday following the Federal Reserve meeting minutes, showing differing opinions on interest rate cuts. With a boost from tech stock gains, bitcoin reached a new record high since May 22.
Markus Thielen, CEO of 10x Research, mentioned the potential impact of the upcoming change in Fed leadership and the “One Big Beautiful Bill Act” on bitcoin’s price.
Short liquidations intensified this week, with over $650 million in bitcoin and $215 million in ether liquidations in the past 24 hours.
Inflows into bitcoin ETFs surged since mid-April amid discussions on Fed independence and potential policy changes. Investors anticipate further price increases as corporate adoption of bitcoin grows and regulatory clarity improves.
Market dynamics and macroeconomic factors will continue to influence bitcoin’s price in the coming months, with a focus on Fed decisions and legislative developments.
Bitcoin is on track for a 10% weekly gain, while ether has seen a more than 20% increase.
