Solana Skyrockets 7% Leading the Crypto Market Rally
A Monday rally during the U.S. trading day ended a period of muted crypto price action over the previous 72 hours, propelling bitcoin (BTC) above $68,000 for the first time in more than five weeks. At press time, the world’s largest cryptocurrency was trading at $68,250.
Leading the crypto rally was Solana (SOL), which surged 7% over the past 24 hours to reach its highest level in more than five weeks. This impressive gain outperformed both bitcoin’s 2.6% advance and the CoinDesk 20’s 2.8% rise.
The recent reversal in the downward crypto price trend began last week after the government reported softer-than-expected April inflation data and quarterly institutional filings revealed notable participation in spot Bitcoin ETFs by the Wisconsin state pension board and several major hedge funds. Bitcoin rallied from just above $60,000 to over $66,000 by the end of the week.
This rally coincided with renewed substantial inflows into spot Bitcoin ETFs, which had experienced net outflows in four of the previous seven weeks. According to HODL Capital, spot funds added 14,389 Bitcoin last week, marking the strongest performance since March.
On Friday, Grayscale, the manager of the Grayscale Bitcoin Trust (GBTC), announced the departure of CEO Michael Sonnenshein, to be succeeded by Goldman Sachs executive Peter Mintzberg. This leadership change indicates that Grayscale might be focusing on increasing assets for GBTC, rather than continuing the recent trend of Bitcoin outflows from its holdings.