Bitcoin hits new all-time highs as it crosses past $120,000, fueled by ETF inflows
The price of the largest cryptocurrency by market capitalization briefly topped $121,249.90, according to data from Coin Metrics.
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.
Investors have been anticipating bitcoin to hit new records this year as corporate treasuries accelerate their bitcoin buying sprees and U.S. Congress nears the passing of new crypto legislation.
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The Hill
8 minutes ago
- The Hill
The House is poised to OK Trump's $9 billion cut to public broadcasting and foreign aid
WASHINGTON (AP) — The House is expected late Thursday to approve President Donald Trump's request to claw back about $9 billion for public broadcasting and foreign aid as Republicans target institutions and programs they view as bloated or out of step with their agenda. The White House had described the package as a test case and said that if Congress went along, more would come. The House's approval would mark the first time in decades that a president has successfully submitted such a rescissions request to Congress, and even then the results were more mixed. Unlike other presidents, Trump is getting nearly all the cuts he requested. Opponents voiced concerns not only about the programs targeted, but about Congress ceding its spending powers to the executive branch as investments approved on a bipartisan basis are being subsequently canceled on party-line votes. No Democrats supported the measure when it passed the Senate, 51-48, in the early morning hours Thursday. Two Republicans also voted no. 'We need to get back to fiscal sanity and this is an important step,' House Speaker Mike Johnson, R-La., told reporters. The package cancels about $1.1 billion for the Corporation for Public Broadcasting and nearly $8 billion for a variety of foreign aid programs, many designed to help countries where drought, disease and political unrest endure. The effort to claw back a sliver of federal spending comes just weeks after Republicans also muscled through Trump's tax and spending cut bill without any Democratic support. The Congressional Budget Office has projected that measure will increase the U.S. debt by about $3.3 trillion over the coming decade. A heavy blow to the Corporation for Public Broadcasting The cancellation of $1.1 billion for the CPR represents the full amount it is due to receive during the next two budget years. The White House says the public media system is politically biased and an unnecessary expense. The corporation distributes more than two-thirds of the money to more than 1,500 locally operated public television and radio stations, with much of the remainder assigned to National Public Radio and the Public Broadcasting Service to support national programming. Democrats were unsuccessful in restoring in the Senate. Lawmakers with large rural constituencies have voiced particular concern about what the cuts to public broadcasting could mean for some local public stations in their state. Sen. Lisa Murkowski, R-Ala., said Tuesday that the stations are 'not just your news — it is your tsunami alert, it is your landslide alert, it is your volcano alert.' Less than a day later, as the Senate debated the bill, a 7.3 magnitude earthquake struck off the remote Alaska Peninsula, triggering tsunami warnings on local public broadcasting stations that advised people to get to higher ground. Sen. Mike Rounds, R-S.D., said he secured a deal from the White House that some money administered by the Interior Department would be repurposed to subsidize Native American public radio stations in about a dozen states. But Kate Riley, president and CEO of America's Public Television Stations, a network of locally owned and operated stations, said that deal was 'at best a short-term, half-measure that will still result in cuts and reduced service at the stations it purports to save.' Inside the cuts to foreign aid Among the foreign aid cuts are $800 million for a program that provides emergency shelter, water and family reunification for refugees and $496 million to provide food, water and health care for countries hit by natural disasters and conflicts. There also is a $4.15 billion cut for programs that aim to boost economies and democratic institutions in developing nations. Democrats argued that the Republican administration's animus toward foreign aid programs would hurt America's standing in the world and create a vacuum for China to fill. Sen. Brian Schatz, D-Hawaii, said the amount it takes to save a starving child or prevent the transmission of disease is minuscule, even as the investments secure cooperation with the U.S. on other issues. The cuts made to foreign aid programs through Trump's Department of Government Efficiency were having life-and-death consequences around the world, he said. 'People are dying right now, not in spite of us but because of us,' Schatz said. 'We are causing death.' After objections from several Republicans, GOP leaders took out a $400 million cut to PEPFAR, a politically popular program to combat HIV/AIDS that is credited with saving millions of lives since its creation under Republican President George W. Bush. Looking ahead to future spending fights Democrats say the bill upends a legislative process that typically requires lawmakers from both parties to work together to fund the nation's priorities. Triggered by the official rescissions request from the White House, the legislation only needs a simple majority vote to advance instead of the 60 votes usually required to break a filibuster. That meant Republicans could use their 53-47 majority to pass it along party lines. In the end, two Republican senators, Murkowski and Sen. Susan Collins of Maine, joined with Democrats in voting against the bill, though a few other Republicans also raised concerns about the process. 'Let's not make a habit of this,' said Senate Armed Services Committee Chairman Roger Wicker of Mississippi, who voted for the bill but said he was wary that the White House wasn't providing enough information on what exactly will be cut. Russ Vought, the director of the Office of Management and Budget, said the imminent successful passage of the rescissions shows 'enthusiasm' for getting the nation's fiscal situation under control. 'We're happy to go to great lengths to get this thing done,' he said during a breakfast with reporters hosted by the Christian Science Monitor. In response to questions about the relatively small size of the cuts — $9 billion — Vought said that was because 'I knew it would be hard' to pass in Congress. Vought said another rescissions package is 'likely to come soon.' 'But we're not there yet,' he said.
Yahoo
13 minutes ago
- Yahoo
Ether, Dogecoin Lead Modest Market Gains, Bitcoin Holds $118K as CPI Print Fuels Rate Cut Bets
Bitcoin (BTC) hovered near $118,000 during the Asian trading hours on Wednesday, consolidating gains after June's U.S. CPI data signaled further disinflation, pushing traders to reprice odds of a September Fed rate cut. Core CPI rose just 0.1% month-over-month for the fifth straight time, fanning bullish sentiment across crypto markets despite broader equity weakness. 'The data was bullish for crypto, as the Fed may be more likely to cut interest rates in September, potentially triggering more capital to flow into the crypto industry,' said Eugene Cheung, chief commercial officer of OSL. 'Bitcoin's price held up well as a testament to traders' optimism, despite some crypto stocks dropping after the GENIUS Act failed to pass a procedural vote, which will continue to be refined by lawmakers for another vote," Cheung added. The data sparked a rebound in ether (ETH) which reclaimed the $3,100 level amid inflows into spot ETFs and tailwinds from a newly passed stablecoin bill, seen as reinforcing ETH's role as a base layer for tokenized dollars. Dogecoin (DOGE) was sitting near 19 cents, delivering a modest 2.7% daily climb and extending its weekly gain to roughly 15%. Solana's SOL (SOL) remains steady at $163, while XRP (XRP) trades near $2.92, reflecting steady interest. BNB (BNB) trades around $688, holding onto recent gains, and TRON's TRX (TRX) remains flat at about 3 cents. Institutional flows remained strong. U.S. spot bitcoin ETFs logged their ninth consecutive day of net inflows, with $403 million added Tuesday. BlackRock's IBIT alone saw $416 million in new funds, more than offsetting $70 million in combined outflows from GBTC, FBTC and ARKB, according to SoSoValue. Spot ether (ETH) ETFs also posted $192 million in inflows, their eighth straight positive day. In the macro backdrop, Asian markets slipped and U.S. equity futures dipped as traders reassessed the pace of potential rate cuts. While some firms are reportedly passing tariff-related costs to consumers, Fed officials remain cautious. Dallas Fed President Lorie Logan noted that the central bank may still need to hold rates steady unless labor markets or inflation weaken further. Still, crypto traders appear to be looking past short-term policy noise. 'Despite a temporary setback for the GENIUS Act, Bitcoin has been able to maintain a solid position at around $118,000' said Nick Ruck, director at LVRG Research. 'We remain positive that the current bull run still has much runway left to see higher prices in the second half of the year.'Sign in to access your portfolio
Yahoo
36 minutes ago
- Yahoo
Analysis-Institutional investors warm to crypto but demand still nascent
By Suzanne McGee, Niket Nishant and Manya Saini NEW YORK (Reuters) -Bitcoin's surge to a record this week has reignited questions about the role institutional investors are playing in pushing it higher, with analysts suggesting their role is still in its infancy. The world's largest cryptocurrency earlier this week surged to a record above $123,000, receiving a boost on the expectation of pro-crypto policies from Washington. While buzz around digital assets has increased, there is room for demand from institutional investors to grow as pension funds and other long-term buyers add bitcoin to their portfolios, analysts say. "We're still in the early innings when it comes to institutional ownership," said Adrian Fritz, head of research at 21Shares, a digital assets investment firm, adding that retail investors still dominate crypto markets. Less than 5% of all spot bitcoin Exchange Traded Fund assets are held by long-term investors such as pension funds and endowments, with another 10% to 15% owned by hedge funds or wealth management firms, Fritz calculates. The latter group of wealth managers, however, often buy these funds on behalf of high-net worth retail clients, and the bulk of ETF ownership remains retail, he said. There is a correlation between soaring retail purchases of crypto ETFs and crypto-related stocks and a run-up in prices, according to estimates from Vanda, a financial research firm. The data shows retail buyers bought heavily in late 2024 when prices surged after Donald Trump - who has vowed to be a "crypto president" won the U.S. election - as well as during the recent rally. Crypto buyers have been aided by a series of bills U.S. lawmakers are expected to pass this week, the most consequential of which - known as the Genius Act - will define the rules around stablecoins, a fast-growing area of the crypto market. The Republican-controlled U.S. House of Representatives cleared key procedural hurdles on crypto legislation on Wednesday, paving the way for the first U.S. federal law for digital assets. Some large U.S. lenders, including Bank of America and Citigroup, are also working on launching stablecoins. Another bill will provide regulatory clarity by formally establishing definitions of digital commodities and spelling out the roles of agencies in overseeing digital assets. This could make it easier for institutions that have long avoided the sector to invest. Simon Forster, global co-head of digital assets at trading platform operator and data provider TP ICAP, predicts the number of institutions active in crypto will grow by 2026, including pensions and other buy-and-hold firms. "By definition, they will be the slowest (to enter crypto)," Fritz said. BITCOIN TREASURY BUYING Analysts say data, although patchy given how opaque crypto markets remain, points to the growing role of bitcoin treasury companies in boosting demand. These are listed companies such as Strategy and GameStop, that initially focused on software and videogame retailing respectively but now emphasize owning and making money on bitcoin positions held on their balance sheets in place of cash, gold or ultra-short Treasury securities. Strategy's shares have soared in the past year, far outpacing the rise in bitcoin, with many investors seeing the stock as a way to get exposure to crypto while investing in mainstream financial markets. Juan Leon, research analyst at Bitwise Asset Management, said these companies' ability to buy bitcoin suggests they represent a bigger source of recent demand than pension, endowment and hedge funds that are major players in stock and bond markets. Strategy and GameStop did not respond to requests for comment. Since July last year, public companies worldwide collectively have increased their bitcoin holdings by 120% and now hold just over 859,000, or 4%, of the total 21 million bitcoin that will ever be in existence, said Simon Peters, crypto analyst at investment platform eToro. Companies are also selling common stock, preferred shares and convertible securities to raise funds to spend on boosting their bitcoin holdings, in a bid to replicate Strategy's outsized stock gains. The new wave of U.S. legislation could also pave the way for more listed companies to allocate a portion of their cash reserves to crypto tokens, said Susannah Streeter, head of money and markets at Hargreaves Lansdown. Analysts warn, however, that a drop below $90,000 for bitcoin could put half of these corporate treasuries underwater. Demand for crypto ETFs has also been rising in recent months. Global net inflows into crypto exchange-traded products hit $4 billion last week, the highest so far this year, according to data from crypto firm Bitwise. Among the big institutional investors to have made public their investments in crypto ETFs in the past 18 months are the State of Wisconsin Investment Board, Abu Dhabi's Mubadala sovereign wealth fund and hedge fund Millennium Management, regulatory filings show. So far this year, bitcoin has gained around 25%, compared with the S&P 500 index's 6.5% gain. Ether, another cryptocurrency has climbed 2%, while XRP is up nearly 40%. The crypto sector's market capitalization now stands at $3.8 trillion, up nearly 66% since before the U.S. election in November, according to CoinMarketCap. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
