Bitcoin (BTC) Mining Stocks Marathon Digital (MARA), Riot Platforms (RIOT) and CleanSpark (CLSK) Drop as BTC Pulls Back-web3.0-php.cn

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Bitcoin (BTC) Mining Stocks Marathon Digital (MARA), Riot Platforms (RIOT) and CleanSpark (CLSK) Drop as BTC Pulls Back

Patricia Arquette

Oct 24, 2024 am 06:18 AM

Marathon Digital Riot PlatformsBitcoin Mining Stocks CleanSpark

Bitcoin BTC/USD mining stocks including Marathon Digital Holdings Inc. MARA, Riot Platforms Inc. RIOT and CleanSpark Inc. CLSK are trading down Wednesday as Bitcoin BTC/USD pulls back from recent highs.

Bitcoin (BTC) Mining Stocks Marathon Digital (MARA), Riot Platforms (RIOT) and CleanSpark (CLSK) Drop as BTC Pulls Back

Bitcoin (BTC) mining stocks, including Marathon Digital Holdings Inc (NASDAQ:MARA), Riot Platforms Inc (NASDAQ:RIOT) and CleanSpark Inc (NASDAQ:CLSK), are trading down Wednesday as Bitcoin pulls back from recent highs.

The decline comes as broader markets sell off and Bitcoin exchange-traded funds (ETFs) see outflows.

According to VettaFi, Bitcoin ETFs recorded a net outflow of $79.09 million on Tuesday, ending a seven-day streak of inflows. While BlackRock's iShares Cryptocurrency ETF Trust (NYSE:CRYP) saw a small inflow of $42.9 million, ARK Invest's ETF had a large outflow of $134.7 million, contributing significantly to overall market outflows.

Bitcoin was down 1.52% over a 24-hour period, hovering around $66,400 at the time of publication. Some traders are becoming more cautious, with البعض taking profits as Bitcoin struggles to hold recent gains.

“Bitcoin struggles to hold recent gains as traders shift to a more risk-off approach amid broader market volatility and the U.S. presidential elections, which tend to cause periods of elevated volatility in the markets,” Illia Otychenko, lead analyst at CEX.IO, told Benzinga.

Some traders may be shifting to a more risk-off approach amid broader market volatility. According to Otychenko, open interest in Bitcoin futures has decreased and funding rates have fallen.

“Bitcoin futures have seen a slight correction in open interest, signaling that some traders are unwinding positions,” Otychenko said.

The broader selloff in risk assets can be seen in market indices on Wednesday with the S&P 500 down 1.02% and the tech-heavy Nasdaq leading declines, down more than 1.8% at last check. The U.S. presidential elections may be adding to the uncertainty.

Other crypto-linked stocks like MicroStrategy Inc (NASDAQ:MSTR) and Coinbase Global Inc (NASDAQ:COIN) were also seeing heavy selling pressure at the time of writing.

Marathon Digital, Riot Platforms and CleanSpark are all expected to report earnings in the coming weeks. Riot will be the first of the group to report with earnings expected after the market close on Oct. 30.

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