By Omkar Godbole (All times ET unless otherwise noted)
Traders chasing alpha might want to take a look at US-listed bitcoin mining. Some of these companies are surging, boldly breaking free from cryptocurrency’s choppy price action.
Shares of Terawulf (WULF) are up 31% this month, even as bitcoin’s spot price is down nearly 17%. Cipher Digital (CIFR) and HUT 8 (HUT) are up 8% and 6% respectively, while Core Scientific (CORZ) is largely flat.
According to Markus Thielen, founder of 10x Research, these are among the most shorted stocks by hedge funds and could gain due to positive economics.
“With long-term energy contracts secured at attractive prices, these firms have a strategic advantage that extends far beyond pure Bitcoin mining,” Thielen said in a note to clients.
He added that capital is increasingly flowing towards structural winners, while legacy operators risk being left behind.
Bitcoin has risen above $65,000, likely tracking gains in futures linked to the Nasdaq 100 index. The progress occurred even though President Donald Trump did not mention crypto in his State of the Union address.
Spot bitcoin ETFs recorded $257.7 million in net inflows on Tuesday, the most since early February, according to data from SoSoValue. Analysts said the inflows need to hold up in the coming days to trigger a real market recovery from this slowdown.
In terms of price, bitcoin trades close to well-monitored pivots, said Vikram Subburaj, CEO of Mumbai-based Giottus.com.
“A sustained break below $60,000 is widely framed as a downside trigger, with ~$57,500 cited as the next notable level. Conversely, retracement of $72,000-$75,000 would be a cleaner signal of risk appetite returning,” Subburaj said in an email.
In traditional markets, the dollar index reversed early losses, which pressured dollar-denominated assets such as gold and bitcoin. Oil prices fell as U.S. stockpiles rose sharply, although downside remained muted due to the risk of a potential military conflict between the U.S. and Iran. Pay attention.
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
What to see
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
- Crypto
- 25 February at 1:00 p.m.: SwissBorg hosts its “biggest keynote ever.”
- February 25: The Sandbox Season 7 starts.
- Macro
- 25 February at 4.30pm: US Fed Balance Sheet for Week Ending Feb 25 (Prev $6.61T)
- Earnings (Estimated 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), premarket, -$0.13
- February 25: NVIDIA (NVDA), post-market, $1.50
Token Events
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- February 25: EigenCloud hosts a livestream with Puffer Finance on “Preconfirmations & the Future of Rollups”
- The Sandbox DAO votes to pause operations and transfer control to the project team to adapt to “The Sandbox 3.0”. The proposal currently has the support of 80% of voters. Voting ends February 25.
- Decentraland DAO votes to create a “Windfall Lotto Scene” template that can be customized for landowners. Voting ends February 25.
- Unlocks
- February 25: Humankind (H) unlocks 4.37% of its circulating supply, worth $17.71 million.
- The token is launched
Conferences
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is up 2.37% as of 16 ET Tuesday at $65,564.62 (24 hours: +3.55%)
- ETH is up 3.31% to $1,915.35 (24h: +4.89%)
- CoinDesk 20 is up 2.97% to 1,901.09 (24 hours: +4.17%)
- Ether CESR Composite Staking Rate is up 2 bps to 2.83%
- BTC funding rate is at -0.0007% (-0.7643% annualized) on Binance
- 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
- The Hang Seng closed up 0.66% at 26,765.72
- The FTSE is up 0.79% to 10,764.79
- The Euro Stoxx 50 rose 0.5% to 6,147.32
- The 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 closed up 0.57% at 33,970.38
- The S&P 40 Latin America closed up 1.53% at 3,800.72
- The US 10-year Treasury yield rose 2.1 bps to 4.054%
- E-mini S&P 500 futures rose 0.11% to 6,911.25
- E-mini Nasdaq-100 futures rose 0.15% to 25,066.25
- E-mini Dow Jones Industrial Average Index futures are unchanged at 49,277.00
Bitcoin statistics
- BTC Dominance: 58.52% (+0.13%)
- Ether to 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 Priced in Gold: 12.6 oz.
- BTC vs Gold Market Cap: 4.38%
Technical Analysis
- The chart shows daily price fluctuations in solana (SOL) in candlestick format.
- The decline from the September peaks can be described as a cascading decline where prices fall, then move sideways in consolidation and then resume selling.
- Lately, the price has been consolidating between around $75 and $91. A move below the lower end of the range would imply resumption of the broader downtrend, potentially allowing for a deeper slide.
Crypto stocks
- Coinbase Global (COIN): closed Tuesday at $162.03 (+1.12%), +2.14% to $165.49 in premarket
- Circle Internet (CRCL): closed at $61.37 (+0.33%), +16% at $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% at $8.18
- Riot Platforms (RIOT): closed at $16.50 (+5.43%), +1.94% at $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 Treasury Companies
- Strategy (MSTR): closed at $124.61 (+0.73%), +2.51% at $127.74
- Strive (ASST): closed at $7.16 (-2.65%), +0.35% at $7.19
- SharpLink Gaming (SBET): closed at $6.55 (+0.92%), +2.90% at $6.74
- Upexi (UPXI): closed at $0.61 (+7.61%)
- Lite Strategy (LITS): closed at $1.11 (+3.74%)
ETF Flows
Spot BTC ETFs
- Daily net flows: $257.7 million
- Cumulative net flows: $54.05 billion
- Total BTC holdings ~1.26M
Spot ETH ETFs
- Daily net flows: $9.2 million
- Cumulative net flows: $11.51 billion
- Total ETH holding ~5.64 million
Source: Farside Investors
