Bitcoin Surges Above $60,000 Amid ETF Frenzy, But Mining Stocks Underperform Morinda News


© Reuters Bitcoin surges above $60,000 amid ETF frenzy, but mining stocks underperform

Bitcoin (BTC) has risen above $60,000 for the first time since November 2021, driven by a continued influx of investment into exchange-traded funds (ETF). Over the past two days, ETFs have seen a total net inflow of $1.1 billion, with demand for Bitcoin ETFs exceeding miners’ daily Bitcoin production by about 10 times.

Amid this bullish trend, analysts at Bernstein highlighted an interesting trend – the underperformance of Bitcoin mining stocks compared to the performance of cryptocurrencies.

Over the past 120 days, due to the increased likelihood of ETF approvals and especially since the launch of ETFs on January 10th, Bitcoin mining companies have seen their stock values ​​outperform Bitcoin’s gains.

In particular, Cleanspark (NASDAQ:) and Marathon Digital (NASDAQ:) saw increases of around 380% and 250%, respectively, compared to a 70% increase in BTC price over the same period.

However, despite Bitcoin rising above $60,000 on Wednesday, this trend did not last.

Notably, the flagship crypto asset gained 6% on the day, well ahead of miners like Riot Platforms (NASDAQ:) and CLSK, which fell 7.5% and 10%, respectively.

Analysts observe that during violent rallies like today, Bitcoin drains liquidity from mining stocks. “Retailers end up chasing Bitcoin on days like these, unlike mining stocks,” they wrote.

They assume that Bitcoin miners will exhibit higher beta at least over a reasonable period of time, i.e. at least over a micro BTC cycle, e.g. B. the rally before the ETF, after the ETF rally or over the entire BTC cycle, which usually lasts 18 to 24 months. Higher beta does not happen every day,” they added.


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

mother sex videos desipapa,com suzuka-sama's servant hentai comics in english سكس مصرى خفى تيسا لين goan sexy girls hindi nangi sexy video hot sexy mms video porn mujra xx x vedeos indaxnxx indian porn vidio www.xnxx telugu sixe video hinde xvideozhot sex film nepali chut ki chudai hindi me hot babe having sex x videos in india aloha free sex videos indion couple xxx video كس نورهان سكس تقبيل xvideos9 bengali boudi 3x 相互オナニー 旦那不在の3日間パンストtバックで誘惑してくる人妻に即ハメ中出しした件。 saimin manga cast aoi by sanagi torajirou