Bitcoin Hits New Record
Bitcoin just made history again! The world’s largest cryptocurrency shot up to an all-time high, crossing $118,000, thanks to huge inflows into Bitcoin ETFs and strong demand from institutional investors.
According to Coin Metrics, Bitcoin was last seen trading around $118,029, after reaching a high of $118,872.85 overnight. Meanwhile, Ethereum (ETH) also made a strong comeback, jumping nearly 7% to trade above $3,000 for the first time since February.
📈 Bitcoin and Ethereum ETFs See Massive Inflows
One of the biggest reasons for this price surge is the massive buying activity in Bitcoin exchange-traded funds (ETFs). On Thursday alone, Bitcoin ETFs saw $1.18 billion in inflows — their biggest day of the year so far!
Ethereum ETFs weren’t far behind either. They pulled in about $383.1 million, making it their second-biggest inflow day ever, according to SoSoValue.
🏦 What’s Pushing Bitcoin Higher?
The rally started slowly earlier this week after the release of the Federal Reserve’s meeting minutes. The report showed that Fed officials are divided on how soon and how much to cut interest rates — a key signal that caught investors’ attention.
Bitcoin also got a boost from a strong rally in tech stocks. And now, with expectations that the next Fed Chair might take a more “dovish” stance on rate cuts, the momentum has only increased.
“That’s when we started to really break past the top range,” said Markus Thielen, CEO of 10x Research.
He also pointed out that the government’s “One Big Beautiful Bill Act,” which could increase the federal deficit, may drive even more investors toward crypto as a hedge against inflation.
🏛️ Fed Drama Fuels More Bitcoin Buying
There’s been talk of reducing the independence of the Federal Reserve, especially after former President Trump hinted at removing Fed Chair Jerome Powell.
Since that moment on April 17, interest in crypto investment has exploded. In fact, inflows into Bitcoin ETFs have jumped to almost $16 billion — a clear sign that institutional investors are going all in.
💥 Short Squeeze Adds Fuel to the Fire
The price surge also triggered a massive short squeeze. In the last 24 hours alone:
- Over $650 million in Bitcoin shorts were liquidated
- More than $215 million in Ethereum shorts got wiped out
This happens when traders bet that prices will fall, but instead the market moves up. They’re then forced to buy back their positions at higher prices — which pushes prices up even more.
📊 Weekly Crypto Performance
- Bitcoin is on track for a 10% weekly gain
- Ethereum has jumped over 20% this week
The trend is clear: crypto markets are on fire, and institutional money is driving the rally.
🔍 Final Thoughts
With record inflows into crypto ETFs, growing concerns about the Federal Reserve, and traders getting caught in short squeezes — all eyes are now on Bitcoin’s next move. Will it cross $120,000 soon? If momentum continues, it just might.