Bitcoin (COIN:BTCUSD) extended its rally into Friday, reaching a new historic high above $118,000, as strong demand for crypto ETFs and pro-crypto signals from U.S. leadership reignited investor enthusiasm. As of 01:54 ET, Bitcoin was trading at $118,310.80, up 6.1% on the day, putting it on course for a third consecutive weekly gain.
ETF Inflows Hit New Highs as Institutions Accelerate Exposure
The digital asset’s rapid rise was supported by a sharp uptick in institutional flows. Data from SoSoValue showed that U.S.-based spot Bitcoin ETFs attracted $1.18 billion in net inflows on Thursday, continuing a strong six-day streak of investment.
BlackRock’s IBIT pulled in the largest share, accounting for $448.5 million, followed by Fidelity’s FBTC and Bitwise’s BITB, which also saw significant inflows. Combined, the 12 spot Bitcoin ETFs posted a massive $6.3 billion in trading volume, the highest level since late May.
Trump Administration’s Pro-Crypto Stance Adds to Momentum
Investors are also responding positively to a more supportive U.S. political climate for digital assets. Earlier this year, the Trump administration approved a strategic Bitcoin reserve, signaling a notable shift in federal sentiment.
Further bolstering the outlook, Trump Media & Technology Group (NASDAQ:DJT) submitted filings for a new “Crypto Blue Chip ETF,” adding to two previous ETF proposals launched earlier in July. The filings point to increasing interest in formalizing crypto exposure through traditional investment vehicles.
With “Crypto Week” set to begin on July 14, market participants are closely watching Washington, where lawmakers are expected to push several bills aimed at defining crypto regulation and strengthening investor protections.
Altcoins Surge in Tandem: Cardano, Dogecoin Lead
Bitcoin’s surge lifted the broader crypto market, with altcoins enjoying substantial gains:
- Ethereum (ETH) jumped 8.5% to $3,019.06
- XRP rose 7.5% to $2.60
- Solana (SOL) advanced 6%
- Cardano (ADA) surged 13%
- Polygon (MATIC) climbed 9%
Meme coins also rallied, with Dogecoin (DOGE) up 12%, and the politically themed $TRUMP token gaining 11%.
The combination of ETF strength, institutional adoption, and a favorable policy environment is fueling what many see as a new phase in Bitcoin’s bull market—potentially setting the stage for further record-breaking gains in the second half of the year.
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