Leading the rally in crypto was Solana's (SOL), which has gained 7% over the past 24 hours, also to more than a five-week high. That outperformed both bitcoin's 2.6% advance and the CoinDesk 20's 2.8% rise.
Read more: Solana's SOL Could Hit $200 By Month End, Hedge Fund Founder Says
The turnaround in the recent downward price action came last week after the government reported softer-than-forecast April inflation data and quarterly institutional filings showed interesting participation in the spot bitcoin ETFs from the Wisconsin state pension board and a number of heavy-hitting hedge funds. Bitcoin rallied from just above the $60,000 to more than $66,000 by week's end.
Alongside that rally came a renewal of big inflows into the spot bitcoin ETFs, which had previously witnessed net outflows over four of the previous seven weeks. All told, the spot funds added 14,389 bitcoin last week, according to HODL Capital, the strongest performance since March.
Earlier Friday, Grayscale, the manager of the Grayscale Bitcoin Trust (GBTC), announced the exit of CEO Michael Sonnenshein, who will be replaced by Goldman Sachs executive Peter Mintzberg. The move suggests Grayscale may have its eyes on a return to growing assets for GBTC as opposed to the current slow bleed of bitcoin from its holdings.
