A robust rally on Monday during U.S. trading hours ended a period of subdued crypto price movement over the previous three days, propelling bitcoin (BTC) above $68,000 for the first time in over five weeks. As of press time, the leading cryptocurrency was trading at $68,250. Driving the broader crypto market surge was Solana (SOL), which saw a 7% increase in the past 24 hours, reaching its highest level in more than five weeks. This gain outpaced both bitcoin's 2.6% rise and the CoinDesk 20's 2.8% increase. The reversal from recent downward trends began last week following the release of lower-than-expected April inflation data and quarterly filings revealing notable institutional interest in spot bitcoin ETFs from entities like the Wisconsin state pension board and several major hedge funds. Bitcoin's price climbed from just over $60,000 to more than $66,000 by the end of the week. This price surge coincided with a significant uptick in inflows into spot bitcoin ETFs, which had experienced net outflows in four of the previous seven weeks. According to HODL Capital, these funds added 14,389 bitcoins last week, marking the strongest performance since March.
Market Analysis
This leadership change indicates Grayscale's potential strategy shift towards growing assets for the Grayscale Bitcoin Trust (GBTC), moving away from the current slow reduction of bitcoin in its holdings.
HODL Capital
Author
Isabelle
Originally from Dakar, Senegal, Isabelle is a business writer with a flair for storytelling. She covers cryptocurrency markets, focusing on startups and new technologies in the blockchain space. Isabelle has an MBA and blends her business acumen with a passion for crypto.
