Crypto-related equities rallied at the open after Tuesday’s pullback, with Coinbase leading gains as traders rotated back into crypto exposure. Coinbase rose about 12% at the open, pushing above $200 for the first time since late January, while MicroStrategy climbed roughly 9% as investors returned to BTC-linked names. Other crypto stocks also moved higher, with Galaxy Digital, Robinhood, and Bit Mining up about 6% to 8%, and Circle advancing more than 6% following its quarterly results.
Bitcoin moved higher on Wednesday, climbing to around $72,600 at the start of the U.S. session and marking a fresh high for the rally that has unfolded over the past week. Traders are watching the 70,000–72,000 level, a zone that previously capped the rally, to gauge whether the move can sustain itself. In a separate note, Glassnode data show that only about 1% of circulating supply is positioned between $72,000 and $80,000, implying a relatively thin air-pocket above the current price and the potential for a rapid move toward $80,000 if momentum continues. Wintermute OTC trader Jasper De Maere noted that Bitcoin’s outperformance versus equities has re-emerged after crypto assets lagged other asset classes for the past two months, though he cautioned that the dynamic could change if macro tensions push energy costs higher and inflation becomes entrenched.
Beyond BTC, Pudgy Penguins is highlighted as disruptors in the crypto NFT space, with a phygital model and over 2 million units sold, while traditional financial moves intersect with the crypto ecosystem—Morgan Stanley reportedly tapped Coinbase and BNY Mellon for custody in a proposed Bitcoin ETF. In other corporate moves, SUI’s native stablecoin is activated, and treasury yields will be redistributed back to the network. Tether invested USD 50 million in Eight Sleep. Market participants remained cautious about the duration of this rally, given ongoing macro uncertainty and the potential for volatility to persist as new developments unfold.
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