Bitcoin Hits New Highs: Key Crypto Updates

This article is adapted from The Block’s newsletter, The Daily, published on weekday afternoons. Happy Friday! Bitcoin has soared past $118,000, achieving a new all-time high this morning, driven by spot ETF inflows, Trump’s proposed economic reforms, and optimism about potential rate cuts. In today’s newsletter, we cover: U.S. spot Bitcoin ETFs drawing in $1.2 billion in their second-largest daily inflow, BlackRock’s Ethereum ETF securing a record $300 million in a single day, Ark Invest's decision to sell its shares in Coinbase and Robinhood amidst the crypto market rally, and more. Additionally, Grayscale is urging the SEC to permit the launch of its multi-crypto fund, emphasizing the potential harm to investors. Let’s delve into the details. **Bitcoin Reaches New Heights with ETF Inflows of $1.2 Billion** Bitcoin surged over 5% to hit nearly $119,000 on Friday morning as liquidations of over $1 billion in crypto short positions occurred over the past 24 hours. **Ethereum Climbs Back Above $3,000 with Record ETF Inflows** Ethereum’s price jumped 9%, reclaiming the $3,000 mark for the first time in five months after Bitcoin's all-time high reinvigorated the broader crypto market. **Ark Invest Divests Shares Amid Crypto Surge** Cathie Wood’s Ark Invest sold $6.5 million worth of Coinbase shares and $5.8 million in Robinhood stocks from its funds on Thursday due to the ongoing rally in cryptocurrency prices. **SharpLink Acquires 10,000 ETH from Ethereum Foundation** SharpLink Gaming, listed on Nasdaq, has purchased 10,000 ETH directly from the Ethereum Foundation for $25.7 million, increasing its treasury to 215,634 ETH (valued at $558 million). **GMX Token Recovers 14% After Hacker Returns Funds** Following the hacker’s agreement to return over $40 million in stolen funds after accepting a $5 million bounty, the GMX token experienced a 14% price rebound. **Looking Ahead** Stay updated with The Block’s daily digest that covers the most significant developments in the digital asset ecosystem. **Disclaimer:** This article was created with the help of OpenAI’s ChatGPT 3.5/4 and reviewed by our editorial team. The Block operates as an independent media outlet for news, research, and data. Foresight Ventures is a major investor as of November 2023, investing in various crypto-related companies. Crypto exchange Bitget serves as an anchor LP for Foresight Ventures. The Block functions independently to provide objective and timely information about the crypto industry. Current financial disclosures are available upon request. © 2025 The Block. All Rights Reserved. This article is purely for informational purposes and should not be construed as legal, tax, investment, financial, or other advice.