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Fat Stacks

The STX coin keeps ripping on Bitcoin's climb.

Jack Inabinet
Feb 14, 2024 • 1 min read

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Bitcoin L2 Stacks (STX) has ripped nearly 50% this month to set a new cycle high! What catalysts are propelling its rise?

As a Bitcoin beta play, STX has benefitted from positive spot BTC ETF developments, with outflows from these instruments peaking on January 22, a date that marks the bottom for both BTC and STX.

The two tokens gained steam into the end of January as ETF outflows tapered and have exploded since February 5 as inflows began to accelerate.

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Written by Jack Inabinet

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Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial apartment development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.