Bitcoin has reached yet another all-time high, surpassing $118,000 for the first time on Friday — as a flood of money continues to move into spot bitcoin ETFs, all while U.S. President Donald Trump's crypto-friendly influence makes its way through Washington.

Bitcoin topped the $118,000 level for the first time, surpassing Thursday’s record as it continued to gain from its increasing adoption by companies as a reserve asset and lawmakers passing pro-crypto legislation.

Bitcoin and ether ETFs saw their second biggest day of inflows ever as investors built on this week's rally and pushed prices to new records overnight.