Bitcoin Miners Punished as Spot ETFs Steal the Spotlight
• Bitcoin mining stocks like Marathon Digital Holdings, Riot Platforms, and Bitfarms saw double-digit stock price declines on Thursday as investors shifted money to new Bitcoin spot ETFs
• All 11 Bitcoin spot ETFs under review by the SEC were approved for trading on Thursday, attracting $4.6 billion in trading volume and drawing investor attention away from mining stocks
• Bitcoin spot ETFs have been highly anticipated by crypto investors and observers, so their launch and strong early trading volume pulled focus and funds away from mining stocks
• The mining stocks were likely unfairly punished since the Bitcoin price actually rose on Thursday, so there was no negative proprietary miner news to justify the steep stock drops
• While risky, the mining stock declines present potential buying opportunities if the unjustified selling continues, though all crypto-related investments carry elevated volatility risk