Crypto Stocks Slide as Bitcoin and Ethereum Hold Flat: Circle Internet and Bitmine Fall 4%, Coinbase Drops 3%

Bitcoin and Ethereum are barely moving this Tuesday, yet the stocks built around them are crashing open sharply lower. A shock from an unexpected corner of the market explains why crypto equities are suddenly trading as if the coins themselves…

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Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH) sit essentially flat this Tuesday morning, yet the equities tied to them are opening sharply lower. It’s the second consecutive session in which crypto stocks have traded independently of the coins they typically shadow, and this time the move runs to the downside rather than higher.

Circle Internet Group (NYSE:CRCL | CRCL Price Prediction) stock is down 4% to $91.80, reversing part of Monday’s 10% rally. Meanwhile, Bitmine Immersion Technologies (NYSE:BMNR) shares are falling 4% to $24.38 after climbing 6% in the prior session. Coinbase Global (NASDAQ:COIN) stock is sliding 3% to $182.20, unwinding a 5% Monday advance.

Passive exposure tells a different story. The iShares Bitcoin Trust ETF (NASDAQ:IBIT) is down 1.41% to $44.04. The Invesco QQQ Trust (NASDAQ:QQQ) is off 1.32% to $707.27, so the three crypto equities are falling harder than either the Bitcoin fund or large-cap tech.