The most tangled spot on today’s market: the Nasdaq 3x TQQQ rose 3.25%, AMD (Advanced Micro Devices) climbed 3.28%, Intel rose 3.51%, but MicroStrategy (MSTR) fell 0.2%, and Coinbase (a U.S. crypto exchange) dropped 1.62%.
On the other side, Hut8 (a Bitcoin mining company) jumped 6.88%, CleanSpark (a Bitcoin miner) rose 5.63%, and Riot Platforms (a Bitcoin miner) gained 4.32%.
I think this move in miners is more like them catching up on computing power and semiconductor gains, not crypto capital returning.
The easiest-to-miss trap: it doesn’t have BTC beta confirmation. If tonight’s BTC doesn’t follow, the high-volatility pullbacks in these miners will be much faster than the Nasdaq.
The invalidation conditions are also simple: if BTC spot strengthens in sync and the miners’ volume keeps expanding, then chasing higher makes sense. Otherwise, I’m more inclined to believe this is liquidity looking for the last runner—easy to get in halfway up the mountain.
On the other side, Hut8 (a Bitcoin mining company) jumped 6.88%, CleanSpark (a Bitcoin miner) rose 5.63%, and Riot Platforms (a Bitcoin miner) gained 4.32%.
I think this move in miners is more like them catching up on computing power and semiconductor gains, not crypto capital returning.
The easiest-to-miss trap: it doesn’t have BTC beta confirmation. If tonight’s BTC doesn’t follow, the high-volatility pullbacks in these miners will be much faster than the Nasdaq.
The invalidation conditions are also simple: if BTC spot strengthens in sync and the miners’ volume keeps expanding, then chasing higher makes sense. Otherwise, I’m more inclined to believe this is liquidity looking for the last runner—easy to get in halfway up the mountain.