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- Bitcoin rose to new record levels on Friday, approaching $119,000, driven by strong institutional interest and supportive cryptocurrency policies under U.S. President Donald Trump.
The largest cryptocurrency in the world traded up 6.1% at $117,630.0 as of 16:57 Saudi time, pulling back slightly after hitting a new all-time high of $118,790.
Bitcoin was on track to achieve weekly gains for the third consecutive week.
Increase in ETF fund inflows due to institutional demand
Trading volumes surged, with on-chain data showing increased activity and a jump in spot trading volumes.
Bitcoin spot ETF funds in the United States saw net inflows of $1.18 billion as of Thursday, marking their sixth consecutive day of sharp gains, according to SoSoValue.
BlackRock's IBIT fund (NYSE:BLK) led the scene with inflows of $448.5 million. Fidelity's FBTC and Bitwise's BITB also recorded additional net inflows.
The total trading volume across the twelve Bitcoin ETF funds reached $6.3 billion, the highest daily level since late May.