This report is part of our CIO Strategy publication and is available to CIO Strategy subscribers. Market Updates and Trading Signals subscribers may add CIO Strategy as a separate subscription.
Please contact [email protected] to activate access.
Our 10x Research BTC Mining Index has returned +266% over the last 18 months, while Bitcoin itself has declined 33% over the same period. Even year-to-date, with Bitcoin down 32%, the mining index is up 53%.
The most compelling divergence is Hut 8, which pivoted to AI data centers and spun its Bitcoin mining operations into a new entity, American Bitcoin Corporation, in which it retains an 80% stake. The two companies have since traded in dramatically opposite directions.
With crypto trading volumes depressed this year, a second divergence has emerged: crypto service providers like Robinhood and Coinbase are both down 27% year-to-date, while Bitcoin miners repositioning as AI infrastructure continue to outperform.
One Bitcoin miner (specifically) was mentioned several times as trading at very attractive levels in March/April and prices have indeed surged. This week’s set up and the full catalysts why crypto equities are moving up or down is below. Read the full report to be prepared for the road ahead.
Trading Strategy
Become a paying subscriber of Trading Strategy to get access to this post and other subscriber-only content.
Sharper Analysis. Trusted Community. Confident Decisions:
• Everything in Market Updates, Trading Signals and more:
• Full coverage across digital currencies and crypto-linked equities (stocks).
• Weekly Chart Book on Top Crypto stocks Movers and What’s Driving Them.
• Weekly Chart Books with 30 key daily, weekly, and monthly charts.
• Twice-monthly on-chain insights driving market cycle clarity.
• Twice-monthly Bitcoin derivatives insights with actionable option trades.
• Regular Strategic reports that sharpen clarity and strengthen conviction.
