Bitcoin Breaks Above $118K on Strong ETF Demand and Pro-Crypto Policy Tailwinds
Bitcoin soared to a new all-time high on Friday, crossing the $118,000 mark, fueled by a surge in institutional investment and favorable crypto sentiment under U.S. President Donald Trump’s administration.
As of 01:54 ET (05:54 GMT), the world’s largest cryptocurrency was trading at $118,310.8, up 6.1%, and was on track for its third consecutive week of gains.
ETF Inflows Signal Strong Institutional Demand
Spot bitcoin ETFs in the U.S. saw a wave of investor interest, drawing in $1.18 billion in net inflows by Thursday—marking the sixth straight day of significant gains, according to SoSoValue.
BlackRock’s IBIT led the group with $448.5 million in inflows, followed by Fidelity’s FBTC and Bitwise’s BITB, which also saw increased allocations. Total trading volume across the 12 spot bitcoin ETFs surged to $6.3 billion, the highest daily figure since late May.
On-chain data also showed rising activity and stronger spot trading volumes, further underscoring the market’s bullish momentum.
Policy Support and Institutional Moves Boost Sentiment
Bitcoin’s rally comes amid broader enthusiasm for institutional adoption, with growing interest in allocating bitcoin to corporate treasuries and ETF portfolios.
Earlier this year, the Trump administration approved the creation of a strategic Bitcoin reserve—an unprecedented move that has set a more supportive tone for crypto regulation.
Adding to the momentum, Trump Media & Technology Group (NASDAQ: DJT), the family-run firm linked to the former president, recently filed to launch a new “Crypto Blue Chip ETF.” This follows two other ETF filings earlier in the month.
Looking ahead, investors are eyeing “Crypto Week,” starting July 14, when U.S. lawmakers are expected to advance at least three key bills aimed at regulating the digital asset space.
Altcoins Follow Bitcoin’s Lead
Altcoins rallied alongside Bitcoin’s breakout. Ethereum, the second-largest cryptocurrency, jumped 8.5% to $3,019.06. XRP climbed 7.5% to $2.60, while Solana and Cardano rose 6% and 13%, respectively. Polygon gained 9%.
Among meme tokens, Dogecoin rose 12%, and $TRUMP—another politically connected coin—traded 11% higher.
