By Omkar Godbole (All times ET unless otherwise noted)
Traders looking for alpha might want to take a look at US-listed bitcoin mining stocks. Some of these companies are thriving, boldly dissociating themselves from the volatile price action of cryptocurrency.
Shares of Terawulf (WULF) have gained 31% this month, even as the spot price of bitcoin has fallen nearly 17%. Cipher Digital (CIFR) and HUT 8 (HUT) gained 8% and 6%, respectively, while Core Scientific (CORZ) was largely flat.
These stocks are among the most heavily shorted stocks by hedge funds and could gain on positive economic conditions, according to Markus Thielen, founder of 10x Research.
“With long-term, guaranteed energy contracts at attractive rates, these companies have a strategic advantage that extends well beyond pure Bitcoin mining,” Thielen said in a note to clients.
He added that capital was increasingly flowing to structural winners, while incumbents risked being left behind.
Bitcoin has rebounded to above $65,000, likely tracking gains in futures contracts tied to the Nasdaq 100 Index. The advance occurred even though President Donald Trump did not mention crypto in his State of the Union address.
Spot Bitcoin ETFs saw $257.7 million in net inflows on Tuesday, the highest since early February, according to SoSoValue data. Analysts believe that capital flows must continue over the coming days to trigger a real market rebound from this crisis.
In terms of price, bitcoin is trading near well-watched pivots, said Vikram Subburaj, CEO of Mumbai-based Giottus.com.
“A sustained break below $60,000 is widely touted as a downside trigger, with around $57,500 cited as the next notable level. Conversely, reclaiming $72,000 to $75,000 would be a clearer signal of the return of risk appetite,” Subburaj said in an email.
In traditional markets, the Dollar Index reversed initial losses, putting dollar-denominated assets such as gold and bitcoin under pressure. Oil prices fell as U.S. inventories increased, although the decline remained moderate amid the risk of a potential military conflict between the United States and Iran. Stay vigilant.
Read more: For analysis of current altcoin and derivatives activity, see Crypto Markets Today
What to watch
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Cryptocurrency
- February 25, 1:00 p.m.: SwissBorg will host its “largest ever keynote”.
- February 25: Season 7 of Sandbox begins.
- Macro
- February 25, 4:30 p.m.: US Fed balance sheet for the week ending February 25 (previous $6.61 billion)
- Earnings (Estimates based on FactSet data)
- February 25: Circle (CRCL), pre-market, $0.16
- February 25: Core Scientific (CORZ), post-market, -$0.18
- February 25: MARA Holdings (MARA), after market, -$0.11
- February 25: Hut 8 (HUT), pre-market, -$0.13
- February 25: NVIDIA (NVDA), post-market, $1.50
Token Events
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Votes and calls on governance
- February 25: EigenCloud will host a live stream with Puffer Finance on “Preconfirmations and the Future of Rollups”
- The Sandbox DAO votes to suspend operations and transfer control to the project team to realign with “The Sandbox 3.0”. The proposal currently has the support of 80% of voters. Voting closes on February 25.
- Decentraland DAO votes to create a customizable “Windfall Lotto Scene” template for landowners. Voting closes on February 25.
- Unlocks
- February 25: Humanity (H) will release 4.37% of its circulating supply worth $17.71 million.
- Token Launches
Conferences
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is up 2.37% from 4 p.m. ET Tuesday at $65,564.62 (24 hours: +3.55%)
- ETH is up 3.31% at $1,915.35 (24 hours: +4.89%)
- CoinDesk 20 is up 2.97% at 1,901.09 (24 hours: +4.17%)
- Ether CESR Composite Staking Rate Up 2 Basis Points to 2.83%
- BTC funding rate is -0.0007% (-0.7643% annualized) on Binance
- The DXY is unchanged at 97.82
- Gold futures are up 0.58% at $5,206.50
- Silver futures are up 3.82% at $91.50
- The Nikkei 225 closed up 2.20% at 58,583.12
- Hang Seng closed 0.66% higher at 26,765.72
- The FTSE is up 0.79% at 10,764.79
- The Euro Stoxx 50 is up 0.5% at 6,147.32
- DJIA closed Tuesday up 0.76% at 49,174.50
- The S&P 500 closed up 0.77% at 6,890.07
- The Nasdaq Composite closed up 1.04% at 22,863.68
- The S&P/TSX Composite Index closed up 0.57% at 33,970.38
- The S&P 40 Latin America closed up 1.53% at 3,800.72
- The 10-year U.S. Treasury yield is up 2.1 basis points at 4.054%
- E-mini S&P 500 futures are up 0.11% at 6,911.25
- E-mini Nasdaq-100 futures are up 0.15% at 25,066.25
- E-mini Dow Jones Industrial Average futures unchanged at 49,277.00
Bitcoin Statistics
- BTC dominance: 58.52% (+0.13%)
- Ether-bitcoin ratio: 0.02917 (0.9%)
- Hashrate (seven-day moving average): 1,034 EH/s
- Hash price (spot): $28.69
- Total fees: 2.7 BTC / $171,903
- CME Futures Open Interest: 114,890 BTC
- BTC valued in gold: 12.6 ounces.
- Market capitalization BTC vs gold: 4.38%
Technical analysis
- The chart shows the daily price fluctuations of solana (SOL) in candlestick form.
- The decline from the September highs could be described as a stepwise decline, where prices fall, then move sideways in consolidation, then sales resume.
- Lately, the price has consolidated between around $75 and $91. A move below the lower end of the range would imply the resumption of a broader downtrend, which could lead to a deeper decline.
Crypto Stocks
- Coinbase Global (COIN): Closed Tuesday at $162.03 (+1.12%), +2.14% at $165.49 in pre-market
- Circle Internet (CRCL): closed at $61.37 (+0.33%), +16% to $71.00
- Galaxy Digital (GLXY): closed at $21.54 (+5.90%)
- Bullish (BLSH): closed at $30.76 (+0.42%), -1.63% at $30.26
- MARA Holdings (MARA): closed at $8.05 (+2.16%), +1.61% to $8.18
- Riot Platforms (RIOT): close at $16.50 (+5.43%), +1.94% to $16.82
- Core Scientific (CORZ): closed at $17.87 (+5.80%), +0.78% at $18.01
- CleanSpark (CLSK): closed at $10.35 (+5.40%), +1.93% at $10.55
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): Closed at $42.71 (+7.42%)
- Exodus Movement (EXOD): closed at $9.76 (+2.20%)
Crypto Cash Companies
- Strategy (MSTR): closed at $124.61 (+0.73%), +2.51% at $127.74
- Strive (ASST): closed at $7.16 (-2.65%), +0.35% to $7.19
- SharpLink Gaming (SBET): closed at $6.55 (+0.92%), +2.90% to $6.74
- Upexi (UPXI): closed at $0.61 (+7.61%)
- Lite Strategy (LITS): closed at $1.11 (+3.74%)
ETF Feed
Spot BTC ETF
- Daily net flows: $257.7 million
- Cumulative net flows: $54.05 billion
- Total BTC holdings ~1.26 million
ETH Spot ETF
- Daily net flow: $9.2 million
- Cumulative net flows: $11.51 billion
- Total ETH holdings ~5.64 million
Source: Farside Investors
