Bitcoin back above $70K, crypto stocks follow suit 

Bitcoin retook $70,000 Monday for the first time in about 10 days while Coinbase, MicroStrategy stocks surge

article-image

TwizzleTut/Shutterstock modified by Blockworks

share

Bitcoin and ether rallied after a relatively quiet weekend as crypto-related equities surged late in Monday’s trading session. 

Bitcoin (BTC) retook $70,000 Monday for the first time in about 10 days, according to Coinbase. The largest cryptocurrency gained 8% Monday to trade around $71,000 at time of publication. 

Ether similarly was on the rise Monday, gaining 7.5% in 24 hours to trade around $3,640, per Coinbase, at time of publication. Ether (ETH) is now about 23% lower than its all-time high of $4,721. 

If traders are buying ether with the hopes of a spot ETH ETF getting past the US Securities and Exchange Commission any time soon, analysts warn the investment vehicle faces an uphill battle with regulators. 

Read more: Ether ETFs coming in May? Here’s why many are bearish

“Social media is rife with enthusiasts that insist BlackRock never loses, so therefore an ETH spot ETF is a sure thing,” Noelle Acheson, author of the Crypto is Macro Now newsletter, said. “Unfortunately, life doesn’t work that way, and BlackRock’s ETH conviction does not seem strong enough to press ahead in the face of SEC opposition.”

Crypto-linked stocks including Coinbase (COIN) and MicroStrategy (MSTR) also spiked Monday, gaining 9% and 22%, respectively, toward the end of the session. Bitcoin mining operations Hut 8 Mining and Marathon Digital rose 8% and 3%, respectively, as well. 

The market moves come as digital asset investment products clocked their first week of outflows in almost two months last week, according to data from CoinShares. Investors pulled $942 million from crypto investment vehicles last week, the first outflow following a record 7-week run of inflows totalling more than $12 billion, CoinShares reported. 

Read more: Bitcoin ETF net outflows streak hits four days, $836 million

“We believe the recent price correction led to hesitancy from investors, leading to much lower inflows into new ETF issuers in the US, which saw $1.1 billion inflows, partially offsetting incumbent Grayscale’s significant $2 billion outflows last week,” James Butterfill, head of research at CoinShares, wrote in the report.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates.png

Research

Ethena Labs is leaping from its flagship synthetic dollar, USDe, to a full product suite—USDtb, iUSDe, and the Arbitrum-based Converge Chain—designed to marry crypto-native yields with TradFi-grade compliance. Our analysis shows how expanding into CME, ETF options, and tokenized Treasuries could lift protocol revenue from sub-$500 million in a bear case to several billion dollars if favorable regulation and institutional adoption align.

article-image

The L1’s Interwoven Stack is the most opinionated tech stack yet

article-image

Bitcoin is still rising, 11 years after the documentary film The Rise and Rise of Bitcoin

article-image

Arch Labs CEO told Blockworks that the team plans to launch a native token, but declined to give details

article-image

CEO Mike Silagadze tells Blockworks that the US is “open for business” and why its DeFi bank offering is the first of many

article-image

Doing one thing well and leaving everything else out is often what disruptive technologies do best