India, July 11 -- In a gap of less than two months, Bitcoin has scaled a fresh peak, breaching past $118 thousand. Massive inflows to Bitcoin Spot ETF products on Thursday and hopes of a supportive regulatory environment in the U.S. bolstered sentiment. The mounting political pressure on the Federal Reserve to quickly ease rates also boosted crypto market sentiment.

Inflows to Bitcoin-based Spot ETF products in the U.S. recorded $1,176 million on Thursday versus $216 million on Wednesday. iShares Bitcoin Trust (IBIT) topped with inflows of $449 million followed by Fidelity Wise Origin Bitcoin Fund (FBTC) that witnessed inflows of $324 million. Ark 21Shares Bitcoin ETF (ARKB) followed with record inflows of $269 million.

Ethereum-based Spo...