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

Decoding crypto and the markets. Daily, with Byron Gilliam.

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.

recent research

Unlocked by Template (10).png

Research

Innovations on Aptos’ technical design through Raptr, Shardines, and Zaptos approach near-optimal latency and throughput by unlocking 100% utilization of network resources, with the capacity to settle 260k transactions per second with latencies less than 800ms. The original Move language was revamped with the launch of Move 2, supporting more expressivity in smart contract logic and a scalable ability to interact with high volume datasets. The ecosystem has benefitted from strong asset inflows, now hosting over $1.3B in stablecoins, $450M in bridged BTC, and $530M in RWAs. Activity in the Aptos ecosystem has grown notably over the past year, with monthly application revenue reaching ~$835k and monthly DEX volumes growing to over $5B, both at new all time highs.

article-image

Bitwise CEO Hunter Horsley tells Blockworks that it tapped a third party to provide the reports

article-image

If pump.fun is a success, NYSE may have to return to a six-day workweek

article-image

One wallet bought pump.fun’s token from 500 different addresses

article-image

Asset allocator says fee compression could be a challenge as Grayscale converts more crypto funds to ETFs

article-image

The Stripe-acquired firm has big plans for a streamlined, multi-wallet future

article-image

Both founders of the former crypto lender have now landed in new crypto industry roles