Mining companies collectively moved into the spotlight list today: Hut8 (HUT, Bitcoin mining company) +6.88%, CleanSpark (CLSK, Bitcoin mining company) +5.63%, Riot Platforms (RIOT, Bitcoin mining company) +4.32%, and MARA Holdings (Bitcoin mining company) +3.71%.
On the other hand, MicroStrategy (MSTR) -0.20% and Coinbase (U.S. crypto exchange) -1.62%. Two of the most direct crypto proxies—one was flat and one was down.
I suspect the money isn’t simply buying “crypto exposure,” but is instead concentrated in mining companies. If it were just a rebound in crypto sentiment, Coinbase shouldn’t be the one with the largest decline. Mining companies are strong while Coinbase is weak—this divergence is more worth watching than the gain in any single mining stock.
Hut8 traded only 138,000 shares—smallest among the four—yet its upside was the biggest. The low liquidity makes the stock’s characteristics quite evident, so it can’t be taken as confirmation of direction.
Tonight, I’ll watch two things: whether BTC is rising in sync. If BTC goes sideways or even weakens, and mining stocks keep strengthening, then this move looks even more like the mining companies’ own hashpower story, detached from spot. If MSTR and COIN still close at levels near their intraday lows, the divergence won’t be accidental.
On the other hand, MicroStrategy (MSTR) -0.20% and Coinbase (U.S. crypto exchange) -1.62%. Two of the most direct crypto proxies—one was flat and one was down.
I suspect the money isn’t simply buying “crypto exposure,” but is instead concentrated in mining companies. If it were just a rebound in crypto sentiment, Coinbase shouldn’t be the one with the largest decline. Mining companies are strong while Coinbase is weak—this divergence is more worth watching than the gain in any single mining stock.
Hut8 traded only 138,000 shares—smallest among the four—yet its upside was the biggest. The low liquidity makes the stock’s characteristics quite evident, so it can’t be taken as confirmation of direction.
Tonight, I’ll watch two things: whether BTC is rising in sync. If BTC goes sideways or even weakens, and mining stocks keep strengthening, then this move looks even more like the mining companies’ own hashpower story, detached from spot. If MSTR and COIN still close at levels near their intraday lows, the divergence won’t be accidental.