Daily Crypto Signals: Bitcoin Miners Exit, Ethereum Battles Macro Headwinds

Quick overview

The SEC’s landmark “token taxonomy” proposal and ICE’s $25 billion investment in OKX sparked a broad rally in crypto equities, even as Bitcoin BTC/USD miners shed over 15,000 BTC since October and Ether ETH/USD retreated 6% from $2,200 amid escalating geopolitical risk and weakening on-chain activity.

Crypto Market Developments

The week saw a convergence of institutional momentum and regulatory advancement that significantly increased the value of crypto-related stocks. Its main component was a proposal for an interpretive framework centered on “token taxonomy” that the Securities and Exchange Commission submitted to the White House’s Office of Information and Regulatory Affairs. This framework would explicitly identify which digital assets are subject to the SEC’s securities jurisdiction. The action may mark the end of years of unclear regulations that have plagued the industry.

Concurrently, the Intercontinental Exchange, which owns the New York Stock Exchange, declared that it will invest an undisclosed sum of $25 billion in the cryptocurrency exchange OKX, claiming a board seat in the transaction. Through the partnership, OKX will provide ICE with real-time cryptocurrency price feeds and allow OKX’s roughly 120 million users to access ICE’s US futures and NYSE tokenized equity markets. Complete integration is anticipated by 2026’s second half.

The OKX transaction and pro-crypto remarks from the White House combined to drive a rally in cryptocurrency-related stocks. The Bitcoin treasury company, Strategy, saw a rise of almost 10%. Miners Hut 8 and American Bitcoin Corp increased 13.89% and 11.65%, respectively, while Coinbase increased more than 14%. The imminent Senate crypto market structure bill and President Trump’s public pressure on banks were cited as further drivers by analysts at Zeus Research and the Australian platform Swyftx.

Bitcoin Reverses Uptrend, Holds at $70,000

Since October, when the market peaked before a flash crash caused sector-wide deleveraging, public Bitcoin mining businesses have sold off more over 15,000 BTC, abandoning the treasury accumulation strategy that characterized the 2024–2025 bull cycle. Bitdeer apparently liquidated its entire Bitcoin treasury, while Cango sold 4,451 BTC, or about 60% of its holdings, making it one of the biggest sellers. Several sales were conducted by Riot Platforms in December, and Core Scientific has indicated that it intends to sell about 2,500 BTC this quarter.

The sell-off is a reflection of a growing margin crunch that some industry observers are describing as the worst for miners in history. This week, MARA Holdings, the second-largest public corporate Bitcoin holder behind Michael Saylor’s Strategy with over 53,000 BTC, came under fire when regulatory filings indicated that it could be able to sell. According to a vice president of the corporation, the filing permits discretion rather than a comprehensive liquidation strategy. CleanSpark took action to lower risk in spite of the pressure by paying off its Bitcoin-backed credit line in full, demonstrating that balance sheet discipline is now taking precedence over accumulation.

Ethereum’s Bounce to $2,200 Could Face More Challenges

This week, Ether’s nascent rebound hit a roadblock. As the intensifying confrontation in Iran, which is currently in its sixth day, drove oil prices to their highest levels since July 2024 and caused a general risk-off trend in global markets, ETH fell 6% after briefly topping $2,200 on Wednesday. Investor nervousness was exacerbated by a federal court decision that mandated the US government to start returning more than $130 billion in tariffs after the Supreme Court ruled that IEEPA duties were unlawfully imposed. Professional traders are actively hedging against more downside, as evidenced by the derivatives markets, where the options skew increased to 7% and the ETH 30-day futures annualized premium remained below the 5% neutral barrier.

Ethereum’s on-chain fundamentals have significantly deteriorated beneath the price activity. DApp revenues declined 47% to $14.1 million during the same period, while weekly DEX volumes on the network decreased to $12.6 billion from $20.2 billion a month earlier. However, Ethereum has a structural edge that experts claim is crucial for institutional capital: the Ethereum ecosystem controls almost 65% of the entire blockchain TVL when layer-2 solutions are taken into consideration, with the base layer alone holding $55.4 billion as opposed to Solana’s $6.8 billion. Although analysts warn that a sustained rebound probably necessitates that ETH first regain the $2,400 level, that gap, which reflects a strong institutional preference for decentralization, places Ethereum to capture increased activity if opinion turns.

ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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