The price of bitcoin rose in the U.S. morning session on Friday, hitting a one-year high above $31,000. According to CoinMarketCap, the largest cryptocurrency by market capitalization hit a high of $31,389.54 before retreating lower. Over the past seven days, BTC has gained more than 15.48%.

The surge came after BlackRock filed for a dot-com bitcoin ETF, and Invesco and WisdomTree re-filed. Investors, who have been alarmed by Securities and Exchange Commission (SEC) lawsuits against cryptocurrency exchanges, seem to have become calmer thanks to these moves by large traditional finance organizations (TradFi).

The ETF filings point to the continued commitment of large institutional investors to the digital asset space and raise expectations of a price rally triggered by institutional support. Other major cryptocurrencies including Ethereum (ETH), Bitcoin Cash (BCH), Pepe (PEPE) have also experienced rallies, gaining 10%, 83% and 69% respectively in the last week.

Cryptocurrencies continue to separate themselves from the stock markets. Investor fears over rising interest rates and the possibility of a global recession led stocks to experience their first losing week in more than a month. The U.S. Fed and other central banks have been more dovish lately, but the Bank of England raised rates by 50 basis points in an attempt to rein in inflation. The Fed reiterated its intention to resume raising rates, which could have a negative impact on digital assets.