Markets
What to know:
- Investors, apparently quite impatient souls, may be galloping ahead in anticipation of a fourth-quarter bitcoin rally – historically the season when fortunes have most delightfully blossomed.
- A capricious change of heart appears to be underway, from the dazzling AI and HPC miners back to the more earnest pure-play bitcoin miners.
Pure-play bitcoin mining stocks, having napped quite soundly whilst their flashier siblings basked in the limelight of the ever-trendy data center vogue, now yawn and stir with newfound vigour.
Those steadfast miners, such as MARA Holdings (MARA) and CleanSpark (CLSK), displayed no small measure of enthusiasm last Thursday, appreciating by 10% and 17% respectively – leading the curious pack of the CoinShares Bitcoin Mining ETF constituents.
Indeed, two rather compelling suppositions may be credited for this most sudden of resurrections.
First: the notion that our imaginative investors might be nimbly leapfrogging actual events, wagering on a robust year-end flourish for bitcoin – a season that has hitherto proven most obliging in its generosity. Currently, BTC ascends with notable aplomb towards the lofty summit of $118,000, stirred onward by whispers of a Federal Reserve interest rate reprieve, and trading a mere 5% shy of its record high. One must admire such optimism-or madness! 🤑
With merry sentiment prevailing, miners who boast considerable bitcoin treasuries upon their ledgers become enticing wagers on a rally poised for new heights. MARA and CleanSpark are, without doubt, the sector’s most opulent custodians, possessing 52,477 ($6.2 billion) and 12,703 ($1.5 billion) tokens respectively. Strategy (MSTR), crowned as the globe’s most illustrious corporate BTC owner, comfortably joined this renaissance with a 7% uptick that very day.
Secondly, it seems prudent to mention a genteel diversion of funds from the once-glorious realms of high-performance computing (HPC) and artificial intelligence (AI), which have been veritable darlings of the market these many months. Iren Energy (IREN), Cipher Mining (CIFR), and Bitfarms (BITF) have thundered onwards – Bitfarms astonishingly elevating by 150% just in September, IREN soaring over 600% since April, and CIFR galloping 500% within the same span. Alas, the market’s fickle nature does not spare even the most favored: with CIFR retreating 7% and IREN falling 4% on that very Thursday, one might suspect a subtle hint towards this shifting of allegiances.
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2025-09-18 23:06