Bitcoin crosses $50k as market momentum grows

Bitcoin topped $50k for the first time since 2021

article-image

shinshila/Shutterstock modified by Blockworks

share

Bitcoin’s price topped $50,000 on Monday, a level not seen since 2021. 

Bitcoin has been rallying since last week, posting record highs as the bitcoin ETF outflows slowed. 

The ETFs, which received regulatory approval in the US last month, posted net inflows of $1.1 billion last week, according to CoinShares. Since the funds launched, they’ve seen $2.8 billion of inflows.

Last week, Fidelity’s bitcoin ETF hit $3 billion in assets, a milestone passed by BlackRock earlier this month.

The outflows have primarily been out of Grayscale’s bitcoin ETF, which was converted from the firm’s bitcoin trust. Last week, GBTC saw outflows of $415 million. Outflows touched $900 million the week prior.

Read more: A month after launch, spot bitcoin ETF weekly net inflows hit new high

“Given the lack of any clear catalyst to explain the BTC move over the past few days, what we are probably seeing is a pick-up in accumulation for the aforementioned reasons as well as the continued spread of Bitcoin awareness as the ETF marketing machines do their thing,” Crypto Is Macro Now author Noelle Acheson wrote in her newsletter Monday morning. 

Acheson further noted that “signs of longer-term accumulation have been building for some time.”

Aside from the bitcoin ETFs, the halving is set to take place in April. The reward per block will go to 3.125 bitcoin, down from 6.25 bitcoin. The last halving took place in 2020.

Read more: Bitcoin hits $48k, S&P 500 posts record close

Blockworks previously reported that bitcoin’s price has rallied more than it had the last two halvings, propelled by the bitcoin ETF buzz. The 2024 halving is the fourth such event to take place in bitcoin’s history.

“The continued adoption of Bitcoin ETFs could significantly absorb sell pressure, potentially reshaping Bitcoin’s market structure by providing a new, steady demand source, which is positive to price,” Grayscale’s Michael Zhao wrote in a note last week.  

“Bitcoin is not just surviving; it’s evolving,” Zhao added.


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.

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

🚀 Build What’s Next — Permissionless IV Hackathon Join us June 22–23 in Brooklyn for the Permissionless IV Hackathon — a 36-hour sprint hosted by Cracked Labs and Blockworks where top builders turn ideas into real products. Come to launch, not just […]

recent research

Research Report Templates (10).png

Research

Kamino has evolved into a full-stack asset scaling suite with V2: unlocking new markets, improving capital efficiency, and catering to various risk profiles. We believe it is best positioned to become the credit backbone of Solana as the ecosystem matures. Simply put, KMNO remains our highest-conviction bet in the Solana ecosystem. This report lays out our thesis.

article-image

Greenwood was a success story before it was a tragedy

article-image

All eight included staking in their most recent SEC filings

article-image

With an updated Summary of Economic Projections, the Fed sees growth slowing and inflation increasing

article-image

Where do crypto mobile games go from here?

article-image

Bybit’s Byreal, Binance Alpha and Coinbase’s DEX integrations

article-image

This isn’t the worst hack to ever hit Mt. Gox, but it could be the most entertaining