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Crypto Stocks, Bitcoin Miners Sell-Off as Profit-Taking Caps Explosive Year-End
Bitcoin slipped below $42,000 on Friday, stalling below its yearly high.
Updated Mar 8, 2024, 7:15 p.m. Published Dec 29, 2023, 5:20 p.m.
Shares of U.S.-listed cryptocurrency-related companies sold off heavily on Friday morning as investors took profit on the last trading day of the year after an explosive rally in 2023.
Crypto exchange Coinbase (COIN) declined 8% during the early hours of Friday, while the shares of relentless bitcoin hoarder MicroStrategy, with nearly $6 billion in BTC in its treasury, dropped nearly 7%.
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Nasdaq-listed bitcoin miners Marathon Digital Holdings (MARA) and Riot Platforms (RIOT) suffered even steeper losses ranging over 10%. Smaller public miners CleanSpark (CLSK) and Hut 8 (HUT) also fell nearly 20%.
The sell-off was perhaps buoyed by investors locking in profits for 2023, capping an explosive year for the beaten-down asset class as bitcoin's price rally stuck below its yearly highs ahead of an expected spot-based ETF approval in the U.S.
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BTC was changing hands slightly below $42,000, lower than its near-$45,000 local top recorded in early December but up 155% this year.
Crypto stocks gained even more through 2023, with Coinbase up nearly 400%, while the miners' stocks multiplied several folds.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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