Bitcoin Surges to Record Highs Amid ETF Inflows

New York, NY – Bitcoin has hit a new record high, soaring above $118,000 for the first time on Friday. The increase comes after Bitcoin exchange-traded funds (ETFs) experienced their largest inflow of the year, totaling $1.18 billion on Thursday, according to SoSoValue.

As of Friday, Bitcoin’s price was reported at $117,955.25, having risen 4%. Earlier in the day, it reached as high as $118,872.85. Ether also saw a significant rise, climbing nearly 6% to above $3,000 for the first time since February.

The rally began midweek following the release of minutes from the latest Federal Reserve meeting. These minutes indicated a potential dovish stance from the Fed, which traders interpreted positively. “That’s when we started to really take out the top range,” said Markus Thielen, CEO of 10x Research.

This week’s surge has created a wave of short liquidations, with over $550 million in short positions liquidated in just 24 hours for Bitcoin. Ether saw more than $195 million in liquidations. When traders using leverage are forced to buy back into the market to close their positions, it drives the price up further.

The shift in sentiment towards Bitcoin is evident, with inflows into Bitcoin ETFs climbing to nearly $16 billion since April 17. This interest has been fueled in part by anticipation of corporate treasury actions and ongoing discussions in Congress regarding cryptocurrency legislation.

Despite this recent growth, analysts remain cautious. Thielen noted that while Bitcoin appears to be thriving, a macro event could still impact its price later in the year. Still, many believe Bitcoin could surpass $140,000 by the end of 2025.

The latest movements in Bitcoin and ether reflect a broader bullish trend in cryptocurrency, driven by optimism around digital assets and institutional interest.