Bitcoin
Bitcoin (BTC) Price Surpasses $68K as Solana (SOL) 7% Gain Leads Crypto Rally
A Monday rally during US trading ended what had been very muted crypto price action over the previous 72 hours, pushing bitcoin higher (BTC) above $68,000 for the first time in more than five weeks. At press time, the world’s largest cryptocurrency was changing hands for $68,250.
Leading the rally in crypto was Solana (SUN), which gained 7% in the last 24 hours, also to a more than five-week high. This surpassed bitcoin’s 2.6% advance and the CoinDesk 20’s Increase of 2.8%.
The turnaround in recent downward price action came last week after the government released weaker-than-expected April inflation data and quarterly institutional filings showed interesting participation in the Wisconsin State Pension Board’s spot bitcoin ETFs and a number of high-impact hedge funds. Bitcoin rose from just above $60,000 to over $66,000 by the end of the week.
Along with this recovery came a renewal of large inflows into spot bitcoin ETFs, which had already witnessed net outflows in four of the previous seven weeks. In total, spot funds added 14,389 bitcoins last week, according to HODL Capitalthe strongest performance since March.
Earlier Friday, Grayscale, manager of the Grayscale Bitcoin Trust (GBTC), announced the departure of CEO Michael Sonnenshein, who will be replaced by Goldman Sachs executive Peter Mintzberg. The move suggests that Grayscale may be eyeing a return to GBTC’s growing assets, as opposed to the current slow bleeding of bitcoin from its holdings.