Bitcoin surged to an all-time high on Friday, fueled by growing demand from institutional investors and a wave of crypto-positive policy moves by the Trump administration. The world’s largest cryptocurrency climbed to a record-breaking US$116,781.10 during Asian trading, marking a more than 24% gain so far in 2025. At last check, it was trading slightly lower at $116,563.11.
Analysts attribute the surge to large-scale accumulation by institutional players, which has significantly reduced liquidity on major crypto exchanges. “Bitcoin’s new all-time high is being driven by relentless institutional accumulation—major players are scooping up supply and drying up liquidity on exchanges,” said Joshua Chu, co-chair of the Hong Kong Web3 Association.
President Donald Trump’s administration has taken a decidedly pro-crypto stance, further energizing the market. In March, Trump signed an executive order establishing a strategic reserve of cryptocurrencies, a move unprecedented for a sitting U.S. president. His recent appointments include several crypto advocates, such as SEC Chair Paul Atkins and White House AI czar David Sacks.
The enthusiasm appears to extend to Trump’s own business interests. Trump Media & Technology Group has filed paperwork with the SEC to launch a cryptocurrency-focused exchange-traded fund (ETF), with holdings to include Bitcoin and other digital assets.
Other cryptocurrencies are also experiencing a boost. Ether, the second-largest digital currency by market cap, rose nearly 5% to $2,956.82 after touching a five-month high of $2,998.41 earlier in the day. The renewed momentum in the crypto space underscores the impact of regulatory sentiment and big-money backing in driving the current bull run.