Ethereum’s Market Conundrum—ETH Slips Further Behind as Bitcoin Shines
Crypto Stocks MicroStrategy, Coinbase and Marathon Post Just Modest Gains as Bitcoin Eyes Record High
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Tom Carreras
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Bitcoin is up 4.3% in the last 24 hours, rising to a five-month high.
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The top cryptocurrency benefited from $417 million in spot ETF inflows on Monday.
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Most crypto-related stocks have had big run-ups in recent weeks, perhaps leading to just tepid gains today.
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Bitcoin’s (BTC) 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.
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.
