Bitcoin (COIN:BTCUSD) continued its upward momentum on Friday, breaching a new all-time high above $118,000, buoyed by accelerating inflows into spot exchange-traded funds (ETFs) and a surge in institutional demand. The world’s leading cryptocurrency climbed 6.1% to $118,310.80 as of 05:54 GMT, marking its third straight week of gains.

Record ETF Inflows Reflect Soaring Institutional Interest

Market enthusiasm was evident in both price action and volume. Spot trading and on-chain activity spiked sharply, with data from SoSoValue showing $1.18 billion in net inflows into U.S.-listed spot Bitcoin ETFs as of Thursday—extending a six-day streak of strong inflows.

BlackRock’s iShares Bitcoin Trust (IBIT) led the surge, drawing $448.5 million. Fidelity’s FBTC and Bitwise’s BITB also posted notable gains. Overall, daily trading volume across the twelve U.S.-listed Bitcoin ETFs reached $6.3 billion, the highest since late May.

Pro-Crypto Policy Signals and Trump’s ETF Ambitions Stir Market Optimism

The bullish momentum is also underpinned by increasing institutional integration of Bitcoin into corporate treasuries and ETF portfolios, reflecting confidence in long-term crypto adoption.

Supportive signals from Washington added fuel to the rally. The Trump administration’s endorsement of a federal Bitcoin reserve earlier this year has set a more welcoming tone for the digital asset sector.

Adding to the momentum, Trump Media & Technology Group (NASDAQ:DJT)—linked to former President Donald Trump—recently filed to launch a “Crypto Blue Chip ETF”, marking its third such filing this month.

Investors are also eyeing “Crypto Week” starting July 14, when U.S. lawmakers are expected to advance key legislation targeting the digital asset space, including potential reforms on crypto taxation and compliance standards.

Altcoins Ride the Bitcoin Wave: Cardano Leads Gains

Bitcoin’s record-setting move reverberated across the broader crypto market, with major altcoins posting double-digit gains.

• Ethereum (ETH) soared 8.5% to $3,019.06
• XRP added 7.5%, reaching $2.60
• Solana (SOL) gained 6%
• Cardano (ADA) outperformed, jumping 13%
• Polygon (MATIC) climbed 9%

Even meme coins joined the rally—Dogecoin (DOGE) surged 12%, while the politically-themed $TRUMP token rose 11%.

With momentum building and key legislation on the horizon, markets appear poised for further volatility and potential upside in the weeks ahead.

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