New York, NY – Bitcoin (BTC) showed impressive growth on Monday in the United States, reaching a significant milestone of $57,000 during the early hours of Tuesday in Asia, marking the first time since November 2021 that the cryptocurrency had surpassed this level.
By press time, bitcoin had slightly retreated to $56,500, still maintaining a gain of more than 9% over the past 24 hours. The CoinDesk 20 Index (CD20) also showed strong performance, with an 8.9% increase over the same timeframe.
The rally for bitcoin kicked off on Monday in the U.S., with the cryptocurrency surpassing $53,000 for the first time since November 2021. Throughout the day, it continued to climb, breaching the $54,000 mark. The surge became even more pronounced during the evening in the U.S. and early morning in Asia, as bitcoin rapidly surpassed the $55,000, $56,000, and $57,000 levels within minutes.
The upward movement in bitcoin on Monday prompted a significant uptick in trading activity for U.S.-based spot bitcoin ETFs. Excluding Grayscale’s GBTC, ETFs in the group recorded a record-high $2.4 billion in trading volume on Monday, as reported by Bloomberg.
GBTC also experienced a notable change in its bitcoin holdings, with the fund seeing its smallest one-day outflow of bitcoin since the launch of the spot ETFs on January 11, shedding only 921 tokens. This indicates a shift in market sentiment towards bitcoin and cryptocurrencies as investors are increasingly viewing them as attractive assets amid market volatility.