The price of bitcoin rose above $45,000 for the first time since Jan. 12, the day after trading of U.S. spot bitcoin ETFs began.
Bitcoin was last higher by 3.19% at $45,526.51, according to Coin Metrics, pulling crypto-related stocks higher, although ether hovered at the flat line.
The flagship cryptocurrency's move came as shares of New York Community Bancorp extended losses Thursday. Worries about U.S. regional banks have worked in bitcoin's favor since last year's regional banking crisis, when investors who lost confidence in the banks turned to the cryptocurrency as a hedge against uncertainty.
Traders also point out that bitcoin accumulation by large investors, known as "whales," has increased in the past two weeks, when the cryptocurrency's price has been stuck below December and January highs.
"What's happening now appears to be large investors – whales, institutions, others – accumulating assets ahead of what many believe will be a strong bull cycle through the end of the year," said Bartosz Lipiński, CEO of crypto trading platform Cube.Exchange. "One only needs to look at the number of bitcoin wallets holding more than 1,000 BTC, which has risen significantly over the last two weeks and now includes an additional 73 participants that previously weren't holding such a significant amount of the cryptocurrency."
Over the past two weeks, bitcoin's average daily trading volumes fell 29.6% week-over-week, JPMorgan pointed out in a note Thursday, while ether trading volumes decreased 40%.
Shares of crypto exchange Coinbase jumped about 8.59%, while bitcoin proxy Microstrategy added 15.71%. In the mining group, CleanSpark rose 12.78%, Riot Platforms advanced 15.28%, while Marathon Digital gained 23.03% and Iris Energy surged 23.79%.
—CNBC's Michael Bloom contributed reporting.
Don't miss these stories from CNBC PRO:
- Forget 'FANG' and 'Magnificent 7,' the new hot portfolio is 'MnM,' says Raymond James
- Walmart just split its stock. History shows what will happen next with the megacap
- Alibaba, ASML and more: Jefferies reveals its 'highest-conviction' stocks to buy — and one has 118% upside
- Tesla is one of the most oversold stocks in the S&P 500 and could be due for a bounce
