Bitcoin has surged above $122,000 — within 1% of its all-time high — following last week’s pro-crypto White House executive order and three strong days of Bitcoin ETF inflows.

The price of Bitcoin shot above $122,000 on Monday, building on momentum from a bullish executive order in Washington and three straight days of spot Bitcoin exchange-traded fund inflows to close out last week.

Henrik Andersson, chief investment officer of Apollo Crypto, said the move was overdue following a month of consolidation.

“In our view it was just a matter of time before it would break up. In this time we have seen positive ETF flows, more treasury companies buying Bitcoin and a number of positive developments coming out of the White House.”

Bitcoin 

 soared over 3.3% to $122,150 in the early hours of Monday morning, moving it within striking distance of its $123,000 all-time high, TradingView data shows. 

“Bitcoin has been stuck in a low-volatility band between $115,000 and $120,000 despite all the good news,” he told Cointelegraph.

While no clear catalyst appears to be behind Bitcoin’s sudden two-hour climb, US President Donald Trump’s supposed executive order to potentially allow cryptocurrency in 401(k) retirement plans has been seen as a boost for the industry.The order is significant as it could open another $9 trillion of funds to flow into Bitcoin and the broader crypto industry.

There’s also more Bitcoin buying on the horizon. Michael Saylor on Sunday hinted on X that Strategy will add more Bitcoin to its $76.8 billion stash, stating: “If you don't stop buying Bitcoin, you won't stop making Money.”

Bitcoin ETF issuers also scooped up a combined $773 million worth of Bitcoin to close out the last three trading days last week, Farside Investors data shows.