The world’s leading cryptocurrency asset Bitcoin set a new all-time record above $118,000 on Thursday as more funds flowed into the crypto space amid growing global uncertainties.
The benchmark cryptocurrency touched an intraday high of $118,295 before easing slightly to trade near $117,723 at the time of reporting.
The latest surge represents a daily gain of about 5.8%, extending a sustained upward trend that has gathered pace since the start of the quarter.
The fresh rally is linked to continued inflows into spot Bitcoin exchange-traded funds in the United States. Recent data indicates that net inflows exceeded $1.17 billion this week alone with BlackRock’s iShares Bitcoin Trust attracting the largest single share at nearly $449 million.
Analysts say regulated ETF products have reinforced institutional participation and helped stabilise Bitcoin’s price floor at higher levels.
Market trackers including Anadolu Ajansı, Barron’s, and CoinDesk confirm that the latest milestone has pushed Bitcoin’s total market value above $2.3 trillion, cementing its position as the world’s largest digital asset by far.
The broader crypto market has also benefited, with Ethereum gaining roughly 6.7%, Solana adding more than 3%, and XRP posting a near 6% increase during the same period.
The recent price action coincides with shifting macroeconomic expectations. Investors are closely watching the U.S. Federal Reserve for potential interest rate cuts as early as September, a move that could further boost risk-on assets.
Legislative clarity in the U.S. has also strengthened sentiment among large funds and corporate treasuries, who continue to accumulate Bitcoin as a long-term hedge.
On-chain indicators suggest that more coins are being moved to cold storage rather than exchanges, reducing immediate selling pressure. This tightening of liquid supply, combined with rising demand, has fuelled a wave of short liquidations.
Data shows that short sellers lost over $1.1 billion in the last 24 hours, marking one of the largest liquidation sweeps in recent months.
Market participants expect Bitcoin to test the $120,000 level in the coming weeks if institutional buying persists and macro conditions remain supportive. Some analysts see the current rally as more structurally sound than previous spikes, citing balanced leverage levels and steady accumulation by longer-term holders.
The sustained bull run has reinforced Bitcoin’s status as a digital store of value, with many traders comparing its market behaviour to traditional safe-haven assets like gold. Industry observers continue to monitor developments in policy, ETF flows and global liquidity as potential drivers of further upside.
