Following the largest day of inflows into bitcoin ETFs of the year, Bitcoin continued its upward trend on Friday, setting new milestones overnight.
According to Coin Metrics, the flagship cryptocurrency’s price last increased by 4% to $118,029.00. It had previously increased to $118,872.85.For the first time since February, Ether surged almost 7% to trade back above the $3,000 mark.
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Bitcoin ETFs saw $1.18 billion in inflows on Thursday, the largest day of 2025. With $383.1 million in inflows, ether ETFs saw their second-largest day ever, according to SoSoValue.
Following the release of the minutes from the most recent Federal Reserve meeting, which revealed disagreement among officials regarding how aggressively they would be prepared to lower interest rates, the rise started off more slowly on Wednesday. Bitcoin surged into the close, setting its first new record since May 22, aided by a surge in tech equities.
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Markus Thielen, CEO of 10x Research, stated, “That’s when we started to really take out the top range,” Whoever takes over as the Fed’s next leader is anticipated to be dovish. As he pointed to the “One Big Beautiful Bill Act,” which is anticipated to raise the federal deficit and might potentially boost bitcoin, he continued, “We also know that saving the budget deficit has sort of been pushed under the rug.”
A significant wave of short liquidations was sparked by this week’s upward advance. Over $650 million in short liquidations have occurred for bitcoin and over $215 million for ether in the last day. When traders short bitcoin using leverage and the price of the cryptocurrency rises, they buy bitcoin back from the market to close their positions, which raises the price and leads to the liquidation of more positions.
Since around April 17, institutions have focused on Fed independence. At that time, President Donald Trump made hints that the Federal Reserve’s position on interest rates would necessitate the “termination” of Jerome Powell, and inflows into bitcoin ETFs increased. Inflows have increased to around $16 billion since then.
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As corporate treasuries ramp up their bitcoin purchases and Congress moves closer to enacting crypto legislation, investors have been anticipating that bitcoin will hit new highs in the second half of the year. According to Thielen, a major event would be required to lower or suppress the price of bitcoin.
“Powell might turn dovish end of the month at the Fed meeting, and maybe he will not,” said Thielen. “So we have to take the market relatively short-term simply because there are no real macro catalysts during the summer and normally, long-only equity investors also pare back their risk into the summer.”
Ethereum is up more than 20% for the week, while bitcoin is expected to gain around 10%.
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