Solana

Bitcoin (BTC) Price Surpasses $68,000 as Solana’s (SOL) 7% Gain Leads Crypto Rally

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A Monday rally during the U.S. trading day ended what had been very subdued crypto price action over the previous 72 hours, pushing Bitcoin (BTC) above $68,000 for the first time in over five weeks. At press time, the world’s largest cryptocurrency was changing hands at $68,250.

Solana led the crypto rally (GROUND), which gained 7% in the last 24 hours, also reaching a more than five-week high. This outperformed both Bitcoin’s 2.6% advance and CoinDesk 1920s Increase of 2.8%.

The turnaround from recent downward price action I came last week after the government released weaker-than-expected April inflation data and quarterly institutional filings showed interesting participation on site, the Wisconsin State Pension Board’s bitcoin ETFs and a number of high-profile hedge funds. Bitcoin rose from just over $60,000 to over $66,000 by the end of the week.

Alongside this rally, there was a resumption of significant inflows into spot Bitcoin ETFs, which had already seen 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 on Friday, Grayscale, the 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 have its eyes on a return to growing assets for GBTC, as opposed to the current slow purge of bitcoin from its holdings.

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