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Bitcoin Breaks Out Above $68K as Solana's 7% Gain Leads Crypto Rally
Inflows into the spot bitcoin ETFs restarted in a big way last week as the price rallied from near the $60K level.
Updated May 20, 2024, 6:19 p.m. Published May 20, 2024, 5:42 p.m.
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 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 , 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.
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Read more: Solana's SOL Could Hit $200 By Month End, Hedge Fund Founder Says
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.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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