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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.
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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Bitcoin’s Long-Term Holders Hit Cyclical Low as Sell Pressure Finally Eases
Long-term holder supply bottomed when bitcoin sank to $80K, signaling that the wave of spot-driven selling may be nearing exhaustion as prices rebound to $90K.
What to know:
- Long-term holder supply fell to 14.33M BTC in November, its lowest level since March, coinciding with bitcoin’s $80K correction low.
- The rebound to $90K suggests the bulk of spot-driven selling from seasoned holders has passed after a 36% peak-to-trough decline.
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