Bitcoin flies to new all-time highs, topping $118,000 as institutions pile into ETFs
Bitcoin extended its rally on Friday, rising to new records overnight after bitcoin ETFs saw their biggest day of inflows of the year.
The price of the flagship cryptocurrency was last higher by 4% at $118,029.00, according to Coin Metrics. Earlier, it rose as high as $118,872.85. Ether rose nearly 7% to trade back above the $3,000 level for the first time since February.
The move helped stocks tied to the bitcoin price. Pure play miners Mara Holdings and Riot Platforms gained 3% each in premarket trading. Bitcoin proxy MicroStrategy also gained 3%. Circle and crypto trading providers Coinbase, Robinhood and eToro were little changed.
On Thursday, bitcoin ETFs logged their biggest day of inflows of 2025 at $1.18 billion. Ether ETFs recorded their second-biggest day of inflows ever at $383.1 million, according to SoSoValue.
The rally began more slowly on Wednesday, following the release of the minutes of the latest Federal Reserve meeting, which showed a divergence among officials about how aggressively they would be willing to cut interest rates. Bitcoin, also helped by a rally in tech stocks, ran up into the close, reaching its first new record since May 22.
"That's when we started to really take out the top range," said Markus Thielen, CEO of 10x Research. "It's expected that whoever comes in to lead the Fed next is going to be dovish. We also know, that saving the budget deficit has sort of been pushed under the rug," he added, nodding to the "One Big Beautiful Bill Act," which is expected to increase the federal deficit – and which can be a positive catalyst for bitcoin.
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