GLXY, HUT, BITF Lead Declines on Wednesday

Crypto-related stocks experienced a sharp decline on Wednesday, with bitcoin miners that possess artificial intelligence (AI) infrastructure facing the largest losses. Companies like Bitfarms (BITF), Cipher Mining (CIFR), Hut 8 (HUT), and HIVE tumbled between 10% and 15% early in the session. Galaxy (GLXY) dropped over 15%, erasing gains from the previous day's earnings report. The sector proxy, the CoinShares Bitcoin Mining ETF (WGMI), fell 7%. Other crypto stocks, including Bakkt Holdings (BKKT) and MicroStrategy (MSTR), also saw losses, alongside Coinbase (COIN) and Robinhood (HOOD) dropping 5%-6%. This steep drawdown suggests that the multi-month rally in BTC miners, driven by optimism over data center deals, has cooled as the broader market turned risk-off, mirroring a 1% decline in the Nasdaq, which hit chipmakers hard. The combined market capitalization of AI-related companies has fallen from a peak of over $95 billion to around $82 billion.

(Source：CoinDesk)