Bitcoin Stocks: The Unlikely Heroes of the Crypto Circus

Bitcoin-related image, probably a graph or a confused trader

What to know:

By Omkar Godbole (All times ET, unless you’re in a time machine)

Well, butter my biscuit and call me confused! While Bitcoin itself is doing the financial equivalent of a wobbly tightrope walk, some U.S.-listed bitcoin mining stocks are having the time of their lives. It’s like they’ve discovered the secret to immortality while the rest of us are still trying to figure out how to pronounce “blockchain” without sounding like a drunk robot.

Take Terawulf (WULF), for instance. This plucky little stock has soared 31% this month, while Bitcoin itself has taken a nosedive of nearly 17%. It’s like WULF is the kid who shows up to the party in a tuxedo while everyone else is still in their pajamas. Cipher Digital (CIFR) and HUT 8 (HUT) aren’t far behind, with gains of 8% and 6%, respectively. Core Scientific (CORZ) is just chilling, like it’s got a secret stash of energy drinks.

According to Markus Thielen, the brains behind 10x Research, these stocks are the belle of the ball for hedge funds-heavily shorted, but with the potential to moonwalk their way to glory. “With long-term energy contracts secured at attractive rates,” Thielen muses, “these firms are like the kid who brought a calculator to a math test. They’re not just mining Bitcoin; they’re mining the future.” Or, as I like to say, they’ve got their ducks in a very profitable row.

Meanwhile, Bitcoin itself has bounced back to over $65,000, presumably because the Nasdaq 100 futures decided to throw it a pity party. And let’s not forget President Donald Trump, who didn’t mention crypto in his State of the Union address. Shocking, I know. It’s almost as if he’s got other things on his mind. Like, say, golf.

Spot Bitcoin ETFs, those darling darlings of the financial world, saw $257.7 million in net inflows on Tuesday. Analysts are now holding their breath, hoping this isn’t just a fleeting romance but the start of a long-term relationship. Vikram Subburaj, CEO of Giottus.com, puts it succinctly: “A sustained break below $60,000 is like a bad breakup, with $57,500 being the ‘it’s not you, it’s me’ level. But reclaiming $72,000-$75,000? That’s the ‘let’s get back together’ text at 2 a.m.”

In the traditional markets, the Dollar Index decided to play hard to get, reversing early losses and putting the squeeze on dollar-denominated assets like gold and Bitcoin. Oil prices slipped, but let’s be honest, they’re just taking a nap. The real drama is in the potential military conflict between the U.S. and Iran. Stay alert, folks. It’s like a soap opera, but with more missiles.

What to Watch

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”. Or, you know, just wing it. Life’s an adventure.

Token Events

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”. Because who doesn’t love a good sequel?

Conferences

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”. Spoiler alert: there’s a lot of talking.

Day 3 of 4: Strategy World 2026 (Las Vegas) – Where dreams go to gamble.
Day 2 of 4: GFTN Forum Japan (Tokyo) – Sushi and spreadsheets, a match made in heaven.

Market Movements

BTC is up 2.37% from 4 p.m. ET Tuesday at $65,564.62 (24hrs: +3.55%) – Bitcoin: the financial yo-yo.
ETH is up 3.31% at $1,915.35 (24hrs: +4.89%) – Ethereum: the slightly less dramatic yo-yo.
CoinDesk 20 is up 2.97% at 1,901.09 (24hrs: +4.17%) – The CoinDesk 20: because 19 just wasn’t enough.
Ether CESR Composite Staking Rate is up 2 bps at 2.83% – Staking: the financial equivalent of a slow cooker.
BTC funding rate is at -0.0007% (-0.7643% annualized) on Binance – Funding rates: because even Bitcoin needs a little financial therapy.

Another graph, because why not?

DXY is unchanged at 97.82 – The Dollar Index: the financial equivalent of a stubborn mule.
Gold futures are up 0.58% at $5,206.50 – Gold: the original shiny thing.
Silver futures are up 3.82% at $91.50 – Silver: gold’s cooler, younger sibling.
Nikkei 225 closed up 2.20% at 58,583.12 – The Nikkei: because Japan knows how to party.
Hang Seng closed up 0.66% at 26,765.72 – The Hang Seng: steady as a rock, but with more dim sum.
FTSE is up 0.79% at 10,764.79 – The FTSE: the British version of “let’s just get on with it.”
Euro Stoxx 50 is up 0.5% at 6,147.32 – The Euro Stoxx: because Europe likes to keep things interesting.
DJIA closed on Tuesday up 0.76% at 49,174.50 – The Dow: the granddaddy of them all.
S&P 500 closed up 0.77% at 6,890.07 – The S&P 500: the financial equivalent of a well-balanced meal.
Nasdaq Composite closed up 1.04% at 22,863.68 – The Nasdaq: where tech dreams go to live or die.
S&P/TSX Composite closed up 0.57% at 33,970.38 – The TSX: Canada’s contribution to the financial world.
S&P 40 Latin America closed up 1.53% at 3,800.72 – Latin America: bringing the heat to the financial party.
U.S. 10-Year Treasury rate is up 2.1 bps at 4.054% – The 10-Year Treasury: the financial equivalent of a long-term relationship.
E-mini S&P 500 futures are up 0.11% at 6,911.25 – E-mini futures: because sometimes you just need a mini version.
E-mini Nasdaq-100 futures are up 0.15% at 25,066.25 – More Nasdaq, more problems.
E-mini Dow Jones Industrial Average Index futures are unchanged at 49,277.00 – The Dow futures: taking a well-deserved nap.

Bitcoin Stats

BTC Dominance: 58.52% (+0.13%) – Bitcoin: the alpha in a room full of alphas.
Ether-bitcoin ratio: 0.02917 (0.9%) – Ether to Bitcoin: the financial equivalent of a sibling rivalry.
Hashrate (seven-day moving average): 1,034 EH/s – Hashrate: because mining is serious business.
Hashprice (spot): $28.69 – Hashprice: the cost of doing business in the crypto world.
Total fees: 2.7 BTC / $171,903 – Fees: the necessary evil of transactions.
CME Futures Open Interest: 114,890 BTC – Open Interest: the financial equivalent of a crowded room.
BTC priced in gold: 12.6 oz. – Bitcoin in gold: because why not measure it in shiny things?
BTC vs gold market cap: 4.38% – Bitcoin vs Gold: the ultimate showdown.

Technical Analysis

Yet another graph, because we love data

The chart shows daily price swings in solana (SOL) in candlestick format. – Candlesticks: because financial charts need a little flair.
The drop from September highs could be described as a stair-step decline, where prices fall, then move sideways in consolidation, and then resume selling. – Stair-step decline: the financial equivalent of a rollercoaster with too many dips.
Lately, the price has been consolidating between roughly $75 and $91. A move below the lower end of the range would imply resumption of the broader downtrend, potentially yielding a deeper slide. – Consolidation: the financial equivalent of a timeout.

Crypto Equities

Coinbase Global (COIN): closed on Tuesday at $162.03 (+1.12%), +2.14% at $165.49 in pre-market – Coinbase: the Amazon of crypto.
Circle Internet (CRCL): closed at $61.37 (+0.33%), +16% at $71.00 – Circle: the financial equivalent of a magic trick.
Galaxy Digital (GLXY): closed at $21.54 (+5.90%) – Galaxy Digital: reaching for the stars, one trade at a time.
Bullish (BLSH): closed at $30.76 (+0.42%), -1.63% at $30.26 – Bullish: the financial equivalent of a pep talk.
MARA Holdings (MARA): closed at $8.05 (+2.16%), +1.61% at $8.18 – MARA: the marathon runner of crypto.
Riot Platforms (RIOT): closed at $16.50 (+5.43%), +1.94% at $16.82 – Riot: the financial equivalent of a rock concert.
Core Scientific (CORZ): closed at $17.87 (+5.80%), +0.78% at $18.01 – Core Scientific: the steady hand in a chaotic world.
CleanSpark (CLSK): closed at $10.35 (+5.40%), +1.93% at $10.55 – CleanSpark: the financial equivalent of a clean slate.
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $42.71 (+7.42%) – WGMI: because why not have an ETF with a cool name?
Exodus Movement (EXOD): closed at $9.76 (+2.20%) – Exodus: the financial equivalent of a great escape.

Crypto Treasury Companies

Strategy (MSTR): closed at $124.61 (+0.73%), +2.51% at $127.74 – Strategy: the chess master of crypto.
Strive (ASST): closed at $7.16 (-2.65%), +0.35% at $7.19 – Strive: the financial equivalent of a second wind.
SharpLink Gaming (SBET): closed at $6.55 (+0.92%), +2.90% at $6.74 – SharpLink: the financial equivalent of a sharp mind.
Upexi (UPXI): closed at $0.61 (+7.61%) – Upexi: the underdog of crypto.
Lite Strategy (LITS): closed at $1.11 (+3.74%) – Lite Strategy: the financial equivalent of a light bulb moment.

ETF Flows

Spot BTC ETFs

Daily net flows: $257.7 million – Daily net flows: the financial equivalent of a good day at the office.
Cumulative net flows: $54.05 billion – Cumulative net flows: the financial equivalent of a lifetime achievement award.
Total BTC holdings ~1.26 million – Total BTC holdings: the financial equivalent of a treasure chest.

Spot ETH ETFs

Daily net flows: $9.2 million – Daily net flows: the financial equivalent of a coffee break.
Cumulative net flows: $11.51 billion – Cumulative net flows: the financial equivalent of a solid retirement plan.
Total ETH holdings ~5.64 million – Total ETH holdings: the financial equivalent of a big, happy family.

2026-02-25 15:42