Crypto Biz: Mining weakness tests Bitcoin’s market cycle

Bitcoin miners are experiencing the most severe margin squeeze on record, driven by falling hash prices and rising operating costs, which is straining company balance sheets and forcing risk reduction, exemplified by CleanSpark repaying its Bitcoin-backed credit line. This weakness is reflected in public markets, where stocks like American Bitcoin have plummeted over 50% in a single session, highlighting investor caution toward speculative crypto equities. Conversely, capital is flowing into adjacent sectors; prediction market Kalshi raised $1 billion at an $11-billion valuation after tenfold trading volume growth since 2024, overtaking Polymarket. Furthermore, Ether derivatives are gaining traction, with CME Group reporting that Ether futures volumes have recently surpassed Bitcoin futures, potentially signaling a broader ETH 'super-cycle' amid increased options volatility.

(Source：Cointelegraph)