Bitcoin (BTC-USD) surpassed $123,500 on Wednesday, climbing to a fresh record as institutional adoption and expectations of looser monetary policy drove the world’s largest token to new heights.

The cryptocurrency has gained 31% year-to-date and is up 60% from April’s market lows.

Inflows into spot exchange-traded funds, along with purchases from public companies copying the blueprint of software firm-turned-bitcoin juggernaut Strategy (MSTR) by adding bitcoin to their balance sheets, have been key drivers of this year’s token rally.

Strategists also point to the Trump administration’s pro-crypto stance as a major catalyst.

“The administration is pushing crypto. They are pushing bitcoin. Bitcoin is the…