The price of bitcoin traded above $50,000 on Monday for the first time since 2021, underscoring the sharp change in appetite for the token since mainstream bitcoin investment funds launched earlier this year.

The industry’s flagship cryptocurrency has gained almost 15 per cent since the start of the year, largely driven by the US Securities and Exchange Commission reversing a decade-old policy to approve several spot bitcoin exchange traded funds, vehicles offering investors exposure to the price of bitcoin through a regulated product.

Many of Wall Street’s biggest names have offered spot bitcoin ETFs, including BlackRock, the world’s largest asset manager. But despite widespread anticipation over their launch the price of bitcoin fell roughly 15 per cent in the days following the SEC’s approval.