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U.S. Crypto Stocks Ride BTC Momentum in Pre-Market Trading
COIN, MSTR, HOOD and mining stocks all showed upward movement in pre-market trading after bitcoin rose to its highest level in 18 months.
Nov 9, 2023, 11:14 a.m.
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Shares of U.S. crypto-centric companies were ticking upwards in pre-market trading after bitcoin's price rose to the highest level since May 2022.
BTC climbed above $36,000 for the first time in around 18 months during Asian trading hours on Thursday, and the bullish momentum fed through to U.S. publicly-traded firms with crypto exposure, such as the Coinbase (COIN) exchange, software developer MicroStrategy (MSTR) – which owns a large number of bitcoin, trading platform Robinhood (HOOD) and mining firms Marathon Digital (MARA) and Riot Blockchain (RIOT).
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Most of the companies fell Wednesday, and bitcoin's latest rally appears to be turning their price movement upward. COIN had added about 4% as of 11:03 UTC (6:03 ET). MicroStrategy, which held 158,400 BTC on its balance sheet as of the end of last month, rose almost 5%, while mining firms Marathon and Riot are up 9.8% and 6% respectively.
Robinhood is showing more restrained gains of 2.5%, having closed on Wednesday down over 14% after reporting big drops in its revenue and trading activity earlier this week.
These gains may also reflect fresh optimism of a spot bitcoin exchange-traded fund (ETF) finally being approved in the U.S., following reports that the Securities and Exchange Commission (SEC) has opened talks with Grayscale Investments about converting its bitcoin trust product into an ETF.
Read More: Sizing the Massive Spot Bitcoin ETF Opportunity
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
Wat u moet weten:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Here's what bitcoin bulls are saying as price remains stuck during global rally
It's about a lot more than "zooming out." Supply overhangs and investor "muscle memory" regarding gold help explain bitcoin's poor absolute and relative performance.
Wat u moet weten:
- Bitcoin has failed so far to act as an inflation hedge or safe-haven asset, lagging badly behind gold, which has surged amid high inflation, wars, and interest rate uncertainty.
- Crypto advocates argue that bitcoin’s weakness reflects a temporary supply overhang, investor “muscle memory” favoring familiar precious metals and its correlation with risk assets, rather than a collapse in long-term demand.
- Many bitcoin proponents still see BTC as a superior long-term store of value and “digital gold,” predicting that, once traditional hard assets are overbought, capital will rotate into bitcoin, allowing it to “catch up” to gold.
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