Bitcoin Rises Above $67K, but Lags Broader Crypto Market as ETH, SOL, LINK Post Big Gains

Softer U.S. inflation figures and big institutional interest in the spot bitcoin ETFs helped turn sentiment around.

AccessTimeIconMay 17, 2024 at 4:56 p.m. UTC
Updated May 17, 2024 at 4:59 p.m. UTC

The price of bitcoin (BTC) has nudged above the $67,000 level for the first time in nearly one month as animal spirits in cryptocurrencies return following eight weeks of sideways-to-lower action.

At press time, bitcoin was trading at $67,250, up 2.8% over the past 24 hours and about 10% from its lowest levels on Monday. That lagged the broader CoinDesk 20 Index, which was ahead 4.4% over the past 24 hours and about 12% from the Monday low.

Among the larger movers in the index were Chainlink (LINK), now higher by 18% since the Depository Trust and Clearing Corporation (DTCC) yesterday announced completion of a pilot project with Chainlink and multiple major U.S. financial institutions, aiming to help accelerate the tokenization of funds. Other outperformers today include ether (ETH) with a 5.3% advance and solana (SOL) gaining 7.7%.

The quick turnaround in sentiment in crypto comes after economic data this week showed a softening in U.S. inflation and regulatory filings showed an extraordinary amount of interest in the still newish spot bitcoin ETFs. Izzy Englander's $64 billion AUM Millennium Management disclosed a $2 billion position in BlackRock's iShares Bitcoin Trust (IBIT) as of the end of the first quarter and Paul Singer's $70 billion AUM Elliott Management also disclosed sizable bitcoin ETF holdings, though far smaller than Millennium's position. Perhaps most interestingly, the State of Wisconsin Investment Board – which manage's that state's retirement assets – showed about a $100 million stake in BlackRock's IBIT.


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Stephen  Alpher

Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.