Crypto Stocks: Understand What is Moving in the Market and Why.

Bitcoin miners have quietly become some of the best-performing assets in crypto — and the gap versus Bitcoin itself has never been wider. The 10x Research BTC Mining Index has outperformed Bitcoin by more than fivefold, while several miners are pivoting into AI and high-performance computing, rewriting their investment narratives. Yet one of the largest Bitcoin treasuries now trades at one of the lowest valuation multiples in years, signaling investor fatigue. Meanwhile, volatility is creeping higher, ETF inflows are stabilizing, and key resistance levels are being tested. This mix of exuberance and caution is creating a new battleground for crypto equities.

Our 10x Research BTC Mining Index has surged +378% over the past 18 months, far outpacing Bitcoin’s +73% gain. Year-to-date leaders include IREN (+541%), Circle (+358%), Robinhood (+275%), Hut 8 (+133%), Galaxy Digital (+123%), CleanSpark (+110%), and Riot Platforms (+110%). In contrast, MicroStrategy remains flat YTD despite Bitcoin’s +19% advance. Our regression analysis shows MicroStrategy is 29% undervalued relative to Bitcoin, while its NAV has compressed to just 1.13x — reflecting the boom-to-bust shift since early 2024.

Bitcoin’s 30-day realized volatility has jumped from 27% in summer to 48%. Although some analysts cite rising trading volumes to justify higher Coinbase targets, its share performance has outpaced volume growth, exaggerated by the October 11 crypto crash. Our valuation models suggest Coinbase is around 9% overvalued and does not present an attractive entry point at current levels. As long as Bitcoin remains below $114,500, downside risks for crypto persist.

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