Shares of Bitcoin miners soared, outpacing the cryptocurrency's gains amid anticipation of the imminent approval of a Bitcoin ETF for immediate delivery. Marathon (MARA) leads the way as volume soars, surpassing Tesla's performance.
Source: CC15Capital
According to Yahoo Finance data , Marathon shares rose to $31.07, adding 15.24% in value, with volume reaching a sky-high 105.657 million, significantly exceeding the 3-month Medium is 47.8 million. Furthermore, for all stocks above the $100 million market Capital threshold, Marathon finished the trading day (including after-hours trading) second to Niokola. This bullish behavior has dented Bitcoin's performance as it is up just 3% during US trading hours.
Bitfarms (BITF), TeraWulf (WULF) and Riot Blockchain (RIOT) also saw notable trading enthusiasm, with volume reaching a total of 148 million shares traded, double the average volume. Medium of stocks.
Bit Digital (BTBT), CleanSpark (CLSK), Canaan (CAN) and Cipher Mining (CIFR) were also among the top performers, up 18.57%, 14.4%, 5.28% respectively. and 5.82%. These companies also had volume significantly higher than the recent Medium , indicating high market interest.
Notably, the top 35 stocks (market Capital over $100 million) recorded a total volume of 1.45 billion shares. Of those, 372 million shares are related to Bitcoin mining, accounting for about 25% of shares traded in this segment.
These stocks' gains highlight broader market interest in the Bitcoin space and desire to gain exposure to high-potential stocks for upcoming Bitcoin spot ETFs. The move and the day's trading data suggest the market is awash with anticipation and keen interest in the regulatory matter.
Furthermore, as we approach the next halving in 2024, the current spike in Bitcoin transaction fees is motivating Miners, hoping that the continued increase in fees can compensate for the decline in Block rewards. If Miners are able to handle the halving better than anticipated due to other letter-related fee increases, they could achieve profits that exceed previous estimates after the halving.
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