Bitcoin (BTC) surged during the Asian session on Sunday, rallying from $122,000 to $124,289 within minutes, pausing short of the record high of $124,429 reached in August.

The break above $124,000 followed a massive demand for U.S.-listed spot exchange-traded funds (ETFs). which collectively registering a net inflow of $3.24 billion last week. This marks the second-largest weekly inflow on record, according to data provider SoSoValue.

Other tokens such as XRP, ETH, SOL, DOGE followed BTC's lead, gaining 1% to 3% during the Asian hours.

Haven demand

BTC's rally arrives against the backdrop of a continued U.S. government shutdown, which analysts say has heightened safe-haven demand for the top cryptocurrency.

Jeff Dorman, Chief Investment Officer of Arca, noted just before the shutdown

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