Monday's rally during U.S. trading ended a very quiet price run for the cryptocurrency over the past 72 hours, sending Bitcoin (BTC) above $68,000 for the first time in more than five weeks. At the time of writing, the world's largest cryptocurrency was trading at $68,250.
Leading the crypto rally was Solana (SOL), which rose 7% in the past 24 hours, also hitting a more than five-week high. This outpaced Bitcoin's 2.6% rise and CoinDesk20's 2.8% rise.
The recent turnaround in the bear market comes as the government reported softer-than-expected April inflation data last week, and quarterly institutional reports from the Wisconsin Pension Commission and a number of leading hedge funds made interesting additions to the Spot Bitcoin ETF. It happened in response to what was shown. . Bitcoin rose from just over $60,000 to more than $66,000 by the end of the week.
Paralleling this rally was a resurgence of large inflows into the Spot Bitcoin ETF, which has seen net outflows in four of the past seven weeks. According to HODL Capital, spot funds added 14,389 Bitcoin last week, marking their best performance since March.
Early Friday morning, Grayscale, the management company for the Grayscale Bitcoin Trust (GBTC), announced the retirement of CEO Michael Sonnenschein and will be replaced by Goldman Sachs executive Peter Mintzberg. announced that he would take office. This move suggests that Grayscale may be eyeing a return to GBTC asset expansion, in contrast to the slow outflow of its current Bitcoin holdings.
