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Bitcoin Soars to Record High Above $118,000

A government executive order for a strategic crypto reserve and surging ETF inflows have strengthened institutional confidence to push Bitcoin above $118,000.

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Souvenir tokens representing cryptocurrency Bitcoin and the Ethereum network, with its native token ether.
Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE - In this April 3, 2013 photo, a 25 Bitcoin token is displayed in Sandy, Utah. (AP Photo/Rick Bowmer, File)

Overview

  • The cryptocurrency reached $118,755 on July 11, surpassing Thursday’s peak of $113,822 and marking its third all-time high in a four-day span.
  • Inflows into U.S. spot Bitcoin ETFs have accelerated, with net investments topping $50 billion this year and making ETFs a key driver of price momentum.
  • BlackRock’s iShares Bitcoin Trust holds more than 3.5% of Bitcoin’s circulating supply, underscoring deep institutional concentration in a single fund.
  • Major corporations have boosted their Bitcoin reserves this quarter, reflecting a broader trend of digital assets being adopted as corporate treasury instruments.
  • President Trump’s March executive order to create a strategic cryptocurrency reserve and the appointment of crypto-friendly regulators have clarified U.S. policy and galvanized investor confidence.