Rich by Coin

Bitcoin’s retreat has cooled risk appetite across crypto equities, with listed digital-asset firms broadly trading lower as policy uncertainty and regulatory delays weigh on sentiment. The recent pullback has pressured miners, exchanges, and crypto treasury-related stocks as investors reassess profitability and exposure.

Miners bore the brunt, with Marathon Digital seeing persistent insider selling and BitDeer facing a class-action lawsuit that weighed on its stock. CleanSpark posted disappointing results and faced insider selling alongside portfolio repositioning, while Iren slid after the initiation of neutral coverage tied to AI and data-center-linked peers. TeraWulf, though successful in raising capital for AI and HPC infrastructure, faced dilution concerns that limited upside.

Crypto treasury names also diverged. Coinbase’s new services did not translate into near-term profitability, constraining a rebound in its share price. MicroStrategy maintained its bitcoin-holding stance but multiple fundraising rounds and dilution fears capped gains. By contrast, Robinhood supported sentiment with growth in its Markets segment, and Circle benefited from Visa’s support for USDC payments, helping its stock rise.

In Japan, Metaplanet stood out as a notable bitcoin holder, attracting local investor attention, while Bitmine’s CFO departure sent the stock sharply lower despite Ark Invest’s stake expansion. On the macro front, U.S. equities were mixed amid softer AI expectations and cooling employment data, as Asian central banks’ interventions persisted and the dollar posted only a modestly softer tone. Gold remained near record highs on safe-haven demand, while the U.S. 10-year yield declined on softer inflation and higher unemployment. 10x Research cautioned that short-term technical rebounds might be limited as liquidity tightens and regulatory uncertainty persists, noting that stock prices are likely to remain driven more by macro trends than by company-specific catalysts in a market still under structural pressure.