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Crypto Stocks MicroStrategy, Coinbase and Marathon Post Just Modest Gains as Bitcoin Eyes Record High
A notable outperformer was bitcoin miner Bitfarms, which nominated a new board member amid its proxy battle with Riot Platforms.
Updated Oct 29, 2024, 3:05 p.m. Published Oct 29, 2024, 3:02 p.m.
- Bitcoin is up 4.3% in the last 24 hours, rising to a five-month high.
- The top cryptocurrency benefited from $417 million in spot ETF inflows on Monday.
- Most crypto-related stocks have had big run-ups in recent weeks, perhaps leading to just tepid gains today.
Bitcoin's rise to new multi-month highs near the $72,000 level and within short range of its March record of $73,700 is providing just a modest boost to most of the crypto-related stocks during U.S. morning trading hours on Tuesday.
The top cryptocurrency was trading at $71,700 at press time, up 4.3% over the last 24 hours.
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Read more: Bitcoin Surges Above $71K as Wild Crypto Market Pump Sees $175M in Shorts Liquidated
Bitcoin’s performance was buoyed by the U.S.-based spot ETFs taking in $417 million in inflows on Monday, per Farside Investors data. BlackRock’s iShares Bitcoin Trust (IBIT) was responsible for $315 million of these inflows, bringing its total assets under management to $28 billion. IBIT is up 3.1% today.
Perhaps having discounted some of the bitcoin rally with strong gains over recent days, crypto stocks for the most part aren't posting major advances thus far on Tuesday. Most notably, MicroStrategy (MSTR) – which has vastly outperformed bitcoin prices in recent months – is up just 0.9% for the session. Crypto exchange Coinbase (COIN) is up 1.2%. Checking miners, MARA Holdings (MARA) is ahead 1.4%, Riot Platforms (RIOT) 3% and Hut 8 (HUT) 3%.
Outperforming in the miner sector is Bitfarms (BITF) with a 5.3% advance, perhaps boosted on news that the firm nominated Andrew Chang, a former chief operating officer of stablecoin issuer Paxos, for election to its board of directors. The nomination could have an impact on the resolution of a hostile takeover bid from Riot Platforms, per TheMinerMag.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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