Bitcoin Breaks Out Above $68K as Solana’s 7% Gain Leads Crypto Rally
A Monday rally during the U.S. trading day put an end to what had been very muted crypto price action over the previous 72 hours, pushing bitcoin (BTC) above $68,000 for the first time in more than five weeks. At press time, the world’s largest crypto was changing hands at $68,250.
Leading the rally in crypto was Solana’s (SOL), which has gained 7% over the past 24 hours, also to more than a five-week high. That outperformed both bitcoin’s 2.6% advance and the CoinDesk 20’s 2.8% rise.
The turnaround in the recent downward price action came last week after the government reported softer-than-forecast April inflation data and quarterly institutional filings showed interesting participation in the spot bitcoin ETFs from the Wisconsin state pension board and a number of heavy-hitting hedge funds. Bitcoin rallied from just above the $60,000 to more than $66,000 by week’s end.
Alongside that rally came a renewal of big inflows into the spot bitcoin ETFs, which had previously witnessed net outflows over four of the previous seven weeks. All told, the spot funds added 14,389 bitcoin last week, according to HODL Capital, the strongest performance since March.
Earlier Friday, Grayscale, the manager of the Grayscale Bitcoin Trust (GBTC), announced the exit of CEO Michael Sonnenshein, who will be replaced by Goldman Sachs executive Peter Mintzberg. The move suggests Grayscale may have its eyes on a return to growing assets for GBTC as opposed to the current slow bleed of bitcoin from its holdings.
Disclosure
Please note that our
privacy policy,
terms of use,
cookies,
and
do not sell my personal information
has been updated
.
CoinDesk is an
award-winning
media outlet that covers the cryptocurrency industry. Its journalists abide by a
strict set of editorial policies.
In November 2023
, CoinDesk was acquired
by the Bullish group, owner of
Bullish,
a regulated, digital assets exchange. The Bullish group is majority-owned by
Block.one; both companies have
interests
in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.