Crypto-linked stocks fell in early U.S. trading Wednesday as Bitcoin dropped 4% to $82,918.11 and Ethereum declined 5.9% to $2,558.67 over 24 hours, according to data from CoinGecko (on October 7 at 1:46 p.m. UTC).
According to data from Yahoo Finance (on October 7 at 1:46 p.m. UTC), Strategy Inc. (NASDAQ: MSTR) fell 5.70% to $155.18, while American Bitcoin Corp. (NASDAQ: ABTC) dropped 4.62% to $8.06. Bitmine Immersion Technologies (NYSE American: BMNR) declined 5.34% to $24.80, and Circle Internet Group (NYSE: CRCL) fell 4.60% to $80.26.
Other crypto-related equities also moved lower. Coinbase Global (NASDAQ: COIN) declined 4.07% to $178.18, while Robinhood Markets (NASDAQ: HOOD) fell 3.17% to $108.46, according to data from Yahoo Finance (on October 7 at 1:46 p.m. UTC).
Bitcoin falls 4% as crypto market weakens
According to data from CoinGecko (on October 7 at 1:46 p.m. UTC), Bitcoin traded at $82,918.11, down 4% over the previous 24 hours. Bitcoin’s market capitalization stood at approximately $1.667 trillion, with 24-hour trading volume of about $37.18 billion. Perpetual futures open interest was approximately $68.56 billion.
The decline put pressure on several publicly traded companies with direct or indirect exposure to Bitcoin through treasury holdings, mining, or crypto-related businesses. Bitcoin’s circulating and total supply stood at about 20.095 million BTC, against a maximum supply of 21 million.
Ethereum drops nearly 6%
According to data from CoinGecko (on October 7 at 1:46 p.m. UTC), Ethereum fell 5.9% to $2,558.67 over 24 hours. Ethereum’s market capitalization was approximately $312.04 billion, while 24-hour trading volume stood at about $18.45 billion. Perpetual futures open interest was approximately $47.44 billion. Ethereum’s circulating and total supply was about 122.11 million ETH.
The sharper decline in ETH coincided with losses among crypto-linked equities with exposure to Ethereum and other digital assets.
MSTR leads declines among major crypto stocks
According to data from Yahoo Finance (on October 7 at 1:46 p.m. UTC), Strategy shares fell 5.70% to $155.18 after opening at $157.82. The stock traded between $155.10 and $158.66 during early trading. MSTR had closed the previous session at $164.55. Trading volume reached about 3.07 million shares against an average volume of roughly 21.54 million.
Strategy’s business remains closely tied to Bitcoin through its large digital-asset treasury, making MSTR one of the more direct publicly traded equity proxies for Bitcoin exposure.
ABTC and BMNR also trade lower
According to data from Yahoo Finance (on October 7 at 1:46 p.m. UTC), American Bitcoin shares fell 4.62% to $8.06. The stock was below its previous reference level of $8.45 during early trading.
Meanwhile, Bitmine Immersion Technologies declined 5.34% to $24.80 after opening at $24.95. Its previous close was $26.20, while the stock traded between $24.73 and $25.18 during the session. BMNR’s market capitalization stood at approximately $15 billion, according to data from Yahoo Finance (on October 7 at 1:46 p.m. UTC).
Circle, Coinbase and Robinhood extend losses
According to data from Yahoo Finance (on October 7 at 1:46 p.m. UTC), Circle shares fell 4.60% to $80.26 after opening at $83.80, compared with the previous close of $84.13. The stock traded between $79.69 and $81.21. Meanwhile, Coinbase declined 4.07% to $178.18, while Robinhood fell 3.17% to $108.46.
The moves extended losses across a broader group of companies whose businesses are linked to cryptocurrency trading, digital assets, or related market infrastructure.
Crypto stocks track broader market weakness
The declines across MSTR, ABTC, BMNR, CRCL, COIN and HOOD came alongside losses in both Bitcoin and Ethereum. MSTR was down 5.70%, followed by BMNR at 5.34%, ABTC at 4.62% and CRCL at 4.60%. COIN and HOOD fell 4.07% and 3.17%, respectively.
The available market data shows the equity declines occurring alongside the cryptocurrency selloff but does not establish that the move in Bitcoin or Ethereum directly caused the individual stock declines.
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