The surge in crypto-linked stocks petered out soon after it started as bitcoin reversed from a move over $90,000. BTC is now trading around $86,500, down about 3.9% in the past hour.
Other cryptocurrencies also fell. The price of ether fell 5.3% to around $2,850, and XRP fell 4.1% to around $1.89. The broader market, as measured by the CoinDesk 20 (CD20) index, is now down 1.5% for the day.
The withdrawal hit miners hard. MARA Holdings (MARA) erased gains and is now 4.8% lower on the day, Core Scientific (CORZ) fell 6%. CleanSpark ( CLSK ), one of the better performers earlier, gave back all its gains to trade down 0.38%, and Riot Platforms ( RIOT ) lost 0.7%.
Trading and crypto services stocks also fell. Circle Internet ( CRCL ), the issuer of the USDC stablecoin, fell 3.2%, Strategy ( MSTR ), the largest corporate owner of bitcoin, fell 2% and Galaxy Digital ( GLXY ) fell 1.9%. Crypto exchange Coinbase (COIN) fell 0.55%.
One standout that remains bullish is Hut 8 ( HUT ), which jumped 20% in early trade after announcing a 15-year, $7 billion lease deal with AI infrastructure firm Fluidstack. It continues to rise by more than 12% on the day.
The reversal came even as Fed Governor Chris Waller, now a favorite in prediction markets to replace Jerome Powell as Federal Reserve chairman, downplayed the neutral stance on interest rates and said job growth looks close to zero.
Yet Polymarket and Kalshi both show odds of more than 70% of no rate cut in January. CME’s FedWatch points in the same direction.
