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Why crypto stocks diverge as BTC hits ATH?

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As Bitcoin continues to reach new highs, crypto stocks’ performance diverged. data from tradingview Looking at year-to-date (YTD) performance: $MicroStrategy(MSTR)$ has surged by 150%, reaching $1800 in extended trading. $Coinbase Global, Inc.(COIN)$ and $CleanSpark, Inc.(CLSK)$ have closely followed BTC's performance. However, mining stocks $Marathon Digital Holdings Inc(MARA)$ and $Riot Blockchain, Inc.(RIOT)$ have dropped by 14% and 24%. Why such a stark contrast among these crypto stocks? As the market anticipates the halving in April, output of mining stocks will decrease accordingly. $MicroStrategy(MSTR)$ issues notes to buy BTC. By transforming assets (newly issued notes) into BTC, the company serves as a leveraged BTC ETF. $Coinbase Global, Inc.(COIN)$ primarily operates as a cryptocurrency exchange. As more retail investors begin to trade Bitcoin and crypto stocks, Coinbase's trading volume will surge. Top 10 Companies with the Largest Bitcoin Holdings $Hut 8 Mining Corp(HUT)$ $Block(SQ)$ data from bitcointreasuries With diverged performance, would you invest in Bitcoin, ETF, or crypto stocks? Which crypto stock are you bullish on? Will Microstrategy meet $2000 this week? Rewards Leave your comments and also post to win tiger coins~ Every valid comment will get at least 5 tiger coins! The hot and insightful comment will even get hundreds of tiger coins!
Why crypto stocks diverge as BTC hits ATH?

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