Point72, the $34 billion hedge fund of billionaire and owner of the New York Mets, Steven Cohen, held $77.5 million of the Fidelity Wise Origin Bitcoin Fund (FBTC) as of the close of the first quarter, according to a filing.

The fifth-largest cryptocurrency is benefitting from multiple catalysts, including bustling meme coin and DeFi activity, upcoming network upgrade and increasing interest in restaking arriving to the ecosystem.

The halving and a possible U.S. mining tax have miners considering new locations for basing their cost-sensitive operations.

The CoinDesk 20 Index is higher by more than 4% over the past 24 hours as crypto's big rally this week continues.

All but two cryptos in the index moved higher over the past week, with Cosmos and Aptos missing out on the rally.