Bitcoin surged to a new all-time high of $118,856 on Friday morning, with trading volume soaring 95% to $122 billion over 24 hours.

The leading digital asset’s price climbed over $7,000 in a single day, continuing a trend of rapid gains that began after breaking above $111,000 on Wednesday.

Meanwhile, ETH reached an intraday high of $3,038 and is up over 8% in the past 24 hours.

This story is an excerpt from the Unchained Daily newsletter.

The rapid ascent also triggered large-scale liquidations, including one for popular leveraged trader James Wynn, who lost $27.9 million on a BTC short on Hyperliquid.

The last few months have been characterized by massive inflows into bitcoin-focused exchange-traded funds (ETFs) and aggressive accumulation by corporate treasuries.

Bitcoin’s price action also comes ahead of “Crypto Week” – a special legislative initiative beginning July 14 by the U.S. House of Representatives, during which lawmakers will focus exclusively on advancing major digital asset legislation.