Bitcoin tops $120k as ETF inflows drive rally, BNB hits record

Bitcoin surged past $120,000 on Friday morning as a broad rally in digital assets accelerated, driven by heavy inflows into exchange-traded funds, macro uncertainty and a rotation into risk assets. Major tokens including Binance Coin and several altcoins posted strong gains, while high leverage across derivatives markets produced large liquidations.

The rally pushed Bitcoin to levels not seen since mid-August, lifting its market capitalization back toward $2.4 trillion. Market trackers reported billions of dollars flowing into Bitcoin ETFs over the past several sessions, with one data series showing more than $2.25 billion in inflows. Analysts and traders cited a sidelined U.S. jobs report amid a partial federal shutdown as a catalyst that left investors focused on risk assets and reduced near-term macro data noise.

Binance Coin established fresh record highs during the move, trading well above $1,100 and reaching intraday peaks above $1,160 in some sessions. Derivatives activity around BNB swelled, with trading volumes rising into the billions and open interest topping $2 billion, signs of heightened participation and speculative positioning. Network developments also bolstered...