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Left for Dead Crypto Names Roar Higher as Bitcoin Bounces
Bitcoin has put together its first sustained rally since the FTX collapse in early November.
Updated Jan 13, 2023, 8:36 p.m. Published Jan 13, 2023, 8:17 p.m.
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With nearly the entire universe of publicly traded crypto stocks down 70% to 90% or even more in 2022, just a little bit of life in bitcoin this week has led to outsized sector gains.
Trading at $19,370 at press time, bitcoin is up about 13% this week, at its strongest level in the more than two months since the implosion of crypto exchange FTX.
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Among the big movers this week is Coinbase (COIN), up 49%. The crypto exchange has seen a number of sell-side downgrades and price target cuts to begin the year and also faced a credit rating downgrade from Moody's. The company also this week announced a cut of 20% of its workforce. Cathie Wood's ARK Investment, however, has been doing some bottom-fishing, purchasing $7.5 million in Coinbase stock this week and about $28.5 million over the past month.
Thanks to a combination of a low bitcoin price, rising electricity costs, often high debt levels and nearly closed capital markets, bitcoin miners came into 2023 facing an existential crisis. Indeed, Core Scientific (CORZ), one of the largest miners by computing power, already declared bankruptcy and Argo Blockchain (ARBK) barely fended Chapter 11 off after a late-inning bailout from Michael Novogratz's Galaxy Digital (GLXY.TO).
Things were so bad that one of the leading miners – Riot Blockchain – began the year exorcising all ties to crypto from its name, re-branding itself as Riot Platforms (RIOT).
Given those factors, just the modestly good news for bitcoin sent the sector's shares exploding higher. Marathon Digital (MARA) has gained 79% this week, Hut 8 Mining (HUT) added 49% and Bit Digital rose 41%. As for Riot, it's ahead just 27% this week, perhaps punishment for giving up "blockchain" in its name.
Other crypto stocks on the move include MicroStrategy (MSTR), advancing 30% this week, and troubled crypto bank Silvergate Capital (SI) rising 11%.
Read more: Bitcoin Miner Bitfarms Warns of Default, Looks to Amend BlockFi Loan
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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.
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- 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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Cathie Wood’s ARK Invest files for two crypto index ETFs tied to CoinDesk 20
One proposed fund will attempt to exactly mimic the CoinDesk 20, but the other would track the index, excluding bitcoin.
What to know:
- ARK Invest has filed with U.S. regulators to launch two cryptocurrency ETFs tracking the CoinDesk 20 index.
- One proposed fund would track the CoinDesk 20, which provides exposure to major tokens, including bitcoin, ether, solana, XRP, and cardano. The other would track the same index, but exclude bitcoin, by pairing long index futures with short bitcoin futures.
- The funds, which would list on NYSE Arca if approved, aim to offer diversified crypto exposure without direct token custody and follow similar, still-unapproved crypto index ETF proposals from WisdomTree and ProShares.
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