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Bitcoin hovered just below its all-time high on Friday, easing slightly amid profit-taking and large-scale wallet movements, but continued to enjoy strong support from bullish U.S. regulatory developments and persistent demand from institutional investors.
As of 02:05 ET (06:05 GMT), Bitcoin traded at $110,827.50, down 0.6% from the previous session. The world’s largest cryptocurrency had surged to a record $111,953.60 on Thursday, before paring gains as investors capitalized on elevated prices.
Whale Activity and Profit Booking Trigger Minor Pullback
The slight dip was attributed to strategic profit-taking and significant overnight transfers. Blockchain tracker Whale Alert flagged over $670 million worth of Bitcoin moved into Coinbase, a sign that large holders—or “whales”—may have initiated selling near peak levels.
Despite the correction, Bitcoin remained on track for a weekly gain of 8%, adding to its 18% rally so far this month.
Stablecoin Regulation Boosts Confidence
Market sentiment has remained largely upbeat on the back of the “Guiding and Establishing National Innovation for U.S. Stablecoins” (GENIUS) Act, which advanced in the U.S. Senate this week. The bill represents a significant step toward clearer cryptocurrency regulation, a factor long seen as critical for mass institutional adoption.
Spot Bitcoin ETFs See Robust Inflows
Demand was further bolstered by continued inflows into U.S.-listed spot Bitcoin ETFs, which attracted $934.7 million in net inflows on Thursday, marking the seventh consecutive day of gains, according to data from SoSoValue.
BlackRock’s IBIT ETF led the day’s surge with $877.6 million in net inflows, helping drive total trading volume across all 12 U.S. Bitcoin ETFs to $5.39 billion.
U.S. Banks Explore Joint Stablecoin Launch
A Wall Street Journal report on Thursday added another layer of optimism, revealing that major U.S. banks—including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo—were in early talks to develop a joint stablecoin.
The proposed venture is seen as a way for traditional financial institutions to counter growing competition from the crypto industry, and capitalize on the efficiencies of blockchain-based payments—particularly for cross-border transactions.
Trump Leverages Meme Coin Craze
In a show of crypto-fueled political spectacle, U.S. President Donald Trump hosted over 200 top holders of his $TRUMP meme coin at an exclusive dinner on Thursday night. The event, held at Trump National Golf Club in Virginia, was part of a marketing push for the coin.
However, $TRUMP fell 5.6% on Friday, as some investors appeared to lock in gains after the event.
Altcoins Rally Alongside Bitcoin
Broader crypto markets echoed Bitcoin’s strength:
- Ethereum rose 3% to $2,686.52
- XRP gained 2.4% to $2.4512
- Solana added 3.3%
- Cardano led gains with a 4.4% rise
- Polygon climbed 1.9%
- Dogecoin, among meme tokens, jumped 3.8%
