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Bitcoin Proxy Stocks Tumble as BTC Tanks
Crash in the leading cryptocurrency hitting related companies.
By Zack Seward
Updated Sep 14, 2021, 12:57 p.m. Published May 19, 2021, 2:54 p.m.
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Stocks of publicly traded companies tied closely to the fate of bitcoin are following the leading cryptocurrency into a sea of red Wednesday.
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- With BTC down roughly 20% in the last 24 hours, leading bitcoin proxy stocks have followed suit.
- MicroStrategy, the business intelligence firm with billions in bitcoin reserves, is down 10% to $435 in the last 24 hours.
- Square, the owner of Cash App and another holder of bitcoin reserves, is down 3% to $197.
- Coinbase, the leading crypto exchange in the U.S., is down 7% and flirting with all-time lows at $222.
- Even furniture maker Ethan Allen, the shares of which have benefited from the rise in ether due to the company's stock ticker being ETH, may now be paying the price for that association today, falling 5% to $27.
- The Bitwise Crypto Industry Innovators ETF, which tracks 30 prominent publicly listed crypto firms, is down 9.3% at press time.
Read more: Crypto Market Loses $460B as Ether, Altcoins Follow Bitcoin’s Deep Dive
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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.
What to know:
- 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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Bitcoin and ether volatility trading gets easier with Polymarket's new contracts
Polymarket has launched new prediction markets tied to Volmex's bitcoin and ether 30-day implied volatility indices.
What to know:
- Polymarket has launched new prediction markets tied to Volmex's bitcoin and ether 30-day implied volatility indices, allowing users to bet on how high volatility will get in 2026.
- The contracts pay out if volatility indices reach or exceed a preset level by Dec. 31, 2026, letting traders wager on the intensity of price swings rather than market direction.
- Early trading implies roughly a one-in-three chance that bitcoin and ether volatility will nearly double from current levels.
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