Bitcoin (BTC) trading volumes have declined to $43,023, with Marathon Digital stocks leading the pack among U.S. mid and large-cap stocks. This surge in popularity comes just ahead of the expected approval of a spot Bitcoin exchange-traded fund (ETF). In the past 24 hours, Marathon Digital has witnessed over 105 million shares traded, surpassing well-known blue-chip stocks like Tesla, Apple, and Amazon, according to market data from Yahoo Finance. Fellow Bitcoin miner Riot Platforms holds the sixth position on the chart, with more than 40 million shares traded in the last day.
The increased trading activity in Bitcoin mining stocks aligns with mining firms’ efforts to expand operations in anticipation of the anticipated approval of a spot Bitcoin ETF in early January and the Bitcoin halving in April. Marathon recently announced a $179 million acquisition of two mining centers, adding 390 megawatts of mining capacity to its existing 584-megawatt output. Riot Platforms also made a significant move by acquiring $291 million worth of Bitcoin mining rigs two weeks prior, marking its largest increase in hash rate.
Despite Bitcoin’s remarkable growth in 2023, exceeding 163% since the year’s start, shares of Bitcoin miners have outperformed the leading cryptocurrency. Marathon Digital and Riot Platforms have posted impressive year-to-date gains of 767% and 452%, respectively, according to TradingView data. Coinbase, the largest publicly traded crypto exchange, has also experienced substantial growth, with a more than 450% increase since the beginning of 2023.
In contrast to the prevailing skepticism at the start of the year, fueled by the collapses of FTX and other high-profile incidents in 2022, crypto-related stocks have become a favored trade. Those looking to short the crypto sector have faced unexpected challenges, with over $6 billion worth of crypto-related shorts being liquidated so far this year.
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