Bitcoin soared past $120,000 to a new record high on Monday as U.S. lawmakers gear up to potentially pass regulatory changes that could bolster institutional demand.
The largest cryptocurrency by market capitalization traded at $121,855 at 9:17 a.m. ET, according to data from Coin Metrics. Earlier in the session, it topped $123,000.
The rally has seen bitcoin reach new highs amid more inflows into bitcoin ETFs. On Thursday, bitcoin ETFs had logged their biggest day of inflows in 2025 at $1.18 billion.
“We believe that Bitcoin’s 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.
