Bitcoin mining stocks outperform BTC in 2023, but on-chain data points to a potential stall
1 min read
Bitcoin mining companies outperformed Bitcoin by a huge margin amid the recent bullish price action in the top cryptocurrency.
The average year-to-date stock price gains in 2023 among the top nine public Bitcoin mining firms by market capitalization stood at 257.14%. The figure is almost three times higher than Bitcoin’s (
Nevertheless, despite the improvement in profitability, miners are unloading Bitcoin, potentially a sign of future negative price action.
While revenue improved in June, miners have continued to spend on expansion and operation costs, which suggests that a crypto bull market has yet to start.
The expansion plans of companies and the decline in on-chain miner holdings project medium-term sideways price action or a potential correction in mining stocks if the BTC price drops.
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