Bitcoin surpasses $120,000 to record highs ahead of U.S. lawmakers Crypto Week
KEY POINTS
- The price of Bitcoin was $121,921 at 6:20 a.m. ET, according to data from Coin Metrics.
- The fresh highs come amid strong Bitcoin ETF inflows and moves from U.S. policymakers aimed at clearer regulation for the industry.
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Bitcoinextended gains Monday to hit a new milestone, breaking past $120,000, fueled by a rally in the cryptocurrencys ETFs.
The largest cryptocurrency by market capitalization traded at $121,921 at 6:20 a.m. ET, according to data from Coin Metrics. Earlier in the session, it topped $122,000.
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The rally has seen bitcoin reach new highsamid more inflowsinto bitcoin ETFs. On Thursday, bitcoin ETFs had logged their biggest day of inflows in 2025 at $1.18 billion.
We believe that Bitcoins surge is driven by longer-term institutional buyers and this will propel it to $125k in the next month or two, Jeff Mei, chief operating officer at cryptocurrency exchange BTSE, said in a statement sent to CNBC.
Trumps trade disputes with the likes of the EU, Mexico, and other trading partners could cause dips in the week ahead, but its likely that Bitcoins institutional buyers are discounting this risk and maintaining their positions that Bitcoin will still appreciate in the long run, he added.
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120,000
Crypto Week
Investors have beenanticipating bitcointo hit new recordsthis year as corporate treasuriesaccelerate their bitcoin buying spreesand U.S. Congress nears the passing of new crypto legislation.
The U.S. House of Representatives willbegin deliberating on a seriesof crypto bills on Monday in what has been dubbed Crypto Week.The potential laws are aimed at providing a clearer regulatory framework for the digital asset industry.
The policy had been long sought by the industry, and is supported by U.S. President Donald Trump, who has branded himself as a pro-crypto President and is involved in several crypto ventures.
One of the most significant bills under consideration is theGenius Act, which could establish federal guardrails for U.S. dollar-pegged stablecoins and create a pathway for private companies to issue digital dollars.
Long-term holders are locking up supply, while global policy clarity especially around stablecoins and crypto legislation has boosted investor confidence and capital inflows, Xu Han, director of the Liquid Fund at HashKey Capital, said in a statement to CNBC.
Speaking on CNBCs Access Middle East, Markus Thielen, CEO of 10x Research, said that he hopes that the U.S. will announce a sovereign wealth fund thatcould purchase digital currencies, also an overhanging factor market.
He noted that corporate and institutional investors have purchased $15 billion in Bitcoin ETFs over the last six to eight weeks. In contrast, retail investors appear to have been on the sidelines during the latest rally, he added.
10x Research has a year-end Bitcoin target range of $140,000 to $160,000, Thielen revealed, but the most significant risk facing this remains the U.S. Federal Reserve continuing its hawkish policy and further interest rate hikes due to tariffs.
