Bitcoin ($BTC ) surged past $50,000 amid fresh signs of bullishness in the cryptocurrency industry, with blockchain data showing some big investors moving to hoard for the long term. Meanwhile, U.S. exchange Coinbase filed financial disclosures that could be one of the final steps before a public stock listing.

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The largest cryptocurrency rose for a second straight day, easing concerns that the massive selloff earlier this week may have to continue. Prices fell 15% on Monday and Tuesday, the biggest two-day correction in 11 months, and some analysts were quick to warn that it could fall to $40,000.

“We believe the recent selloff puts the market on a healthier footing,” David Greider, director of digital asset strategy at FundStrat, wrote in a weekly report.

Bitcoin was trading at $49,472 at press time, up 1.95% over the past 24 hours, according to the CoinDesk Bitcoin Price Index.

The No. 1 cryptocurrency surged to $52,076.32 in the past 24 hours, after more than 13,000 BTC, worth roughly $650 million, was moved from the enterprise-focused Coinbase Pro exchange on Wednesday afternoon. The move is typically a bullish sign for the markets, reflecting institutional investors’ support for Bitcoin’s long-term value as they move their bitcoin into custodial wallets.

The regulatory filing by Coinbase also appeared to lead to an additional short-term price spike of around $1,500, although some of those gains were later reversed.

Coinbase’s filing “represents another positive step forward for our industry,” Matt Bloom, of publicly traded cryptocurrency exchange EQUOS, wrote Thursday in his daily newsletter.

“The onus is on the bears,” Bloom wrote. “Failure to attack the market now is a clear sign that we are headed back toward our all-time high.”

U.S. stocks opened lower on Thursday as investors expressed concern about the recent surge in U.S. 10-year Treasury yields. Some traditional market analysts have speculated that rising yields, which are often a precursor to inflation, could prompt the Federal Reserve to tighten monetary policy, which could send stocks lower. However, the potential impact of rising bond yields on Bitcoin is still being debated among analysts and investors in the cryptocurrency markets.

“It seems like a lot of the narrative around the market, both crypto and traditional, is starting to revolve around the inflation narrative,” said Andrew Tu, CEO of quantitative trading firm Efficient Frontier. Rising bond yields “could mean the market could be in a more risk-on mode for equities. On the other hand, the inflation narrative could actually benefit bitcoin, as well as other commodities and real assets.”

“Regardless of whether inflation has actually materialized or not, the fact that Bitcoin is rising today highlights that the market is starting to understand and buy into the value proposition,” Artur Sapek, general manager at Kraken-owned cryptocurrency exchange Cryptowatch.

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