CleanSpark Soars on BTC Pump
Crypto prices spiked on the open of the US stock market, sending Bitcoin up 5.7% to set a new cycle high! Who is bidding our bags?
This morning’s BTC transfer from Grayscale to Coinbase was the smallest pre-market send since spot BTC ETFs launched, providing confirmation that GBTC outflows continue to taper and potentially signaling some amount of demand for GBTC.
GBTC sending only 776 #Bitcoin to Coinbase premium ($39m).
— Alessandro Ottaviani (@AlexOttaBTC) February 26, 2024
Since the ETFs launch, the 11th of January, is the lowest amount of Bitcoin so far that GBTC sent to Coinbase prior to the opening of the trading day.
Last two trading days GBTC sent more than $150m of BTC to Coinbase… https://t.co/LyxPKifIzf pic.twitter.com/ai8W1wJ14N
While ETH has enjoyed strength against BTC over the past two weeks, the ETH/BTC Ratio is down on the day – likely more of a testament to Bitcoin’s strength rather than an indictment of Ether’s weakness.
Select alts are outperforming BTC on the day, but the true winner is crypto equities; crypto exchange Coinbase (COIN) surged 16%, Michael Saylor’s MicroStrategy (MSTR) ripped 16%, and Bitcoin miner CleanSpark (CLSK) mooned 24%!
With GBTC outflows slowing, Bitcoin leading the rally among crypto assets, and crypto equities vastly outperforming all else, all signs indicate that non-crypto native capital flows are fueling today’s rally, a much needed ingredient for crypto prices to surpass their all-time highs…