TechFlow News, February 4: Matrixport published an analysis stating that although Bitcoin has declined approximately 14% year-to-date, crypto-related stocks as a whole have exhibited pronounced divergence. According to the latest data:
- Brokerage and trading platforms (e.g., Robinhood, Coinbase) have retreated into double-digit territory, falling 23% and 21%, respectively.
- Some Bitcoin mining companies—having shifted their business focus toward AI data centers—have performed strongly; for example, Riot Platforms and Core Scientific rose 21% and 22%, respectively.
- IREN delivered the strongest performance, gaining 44% year-to-date.
This divergence indicates a shift in market pricing: from previously treating crypto assets as a monolithic group moving in lockstep, to now differentiating valuations based on individual companies’ business models and strategic directions. Consequently, the correlation between these stocks and Bitcoin has weakened, creating more alpha opportunities for individual equities.
Data shows that although the sector overall declined 16.3% last week, year-to-date returns are highly dispersed—clearly reflecting the market’s differentiated pricing of various crypto-related stocks.
