Bitcoin jumped to a record of roughly $124,400 during early Asian trading on Thursday, eclipsing the previous July peak and extending its 2025 advance to about 30%. The world’s largest digital asset later eased below $122,000 but remained up on the day. Traders cited mounting expectations that the Federal Reserve will begin cutting interest rates at its 17 September meeting, a shift that has pressured the dollar and revived demand for riskier holdings. Tailwinds also stem from a series of pro-crypto measures under President Donald Trump, including last week’s executive order opening the door for digital assets in 401(k) retirement plans and the recent passage of stable-coin legislation. The rally pulled the value of all cryptocurrencies to a record near $4.4 trillion and lifted Ether to about $4,780, its highest level since late 2021 and within 4% of its all-time high. Spot bitcoin exchange-traded funds absorbed an estimated $87 million of net inflows in the latest session, taking total ETF holdings to more than 1.3 million coins. Swings remained sharp. As Bitcoin retreated from the intraday top, more than $1 billion in leveraged crypto positions were wiped out over 24 hours, according to Coinglass. Some $454 million was liquidated within a single hour, underscoring persistent volatility even amid record prices. Analysts at IG and other firms say a sustained break above $125,000 could put $150,000 in view, but caution that upcoming U.S. producer-price data and clarity on the Fed’s policy path will determine whether the latest surge solidifies or gives way to further whipsaws.