Matrixport: Crypto stocks diverge amid Bitcoin pullback.

Matrixport released a chart today stating that although Bitcoin has fallen by about 14% year-to-date, crypto stocks as a whole have still outperformed BTC, but there has been a significant divergence in individual stock returns within the sector. Specifically, brokerage and trading platforms (such as Robinhood and Coinbase) have seen double-digit pullbacks; while some Bitcoin mining companies, after shifting their business focus to AI data centers, have still recorded double-digit gains year-to-date, even after last week's correction. This divergence indicates a change in market pricing. In the past, the market tended to treat crypto assets as a unified whole, moving in tandem with each other; now, it is beginning to judge them separately based on the different business models and main business directions of various companies. As a result, the synchronicity between related stocks and Bitcoin has decreased, opening up alpha potential at the individual stock level. The significant dispersion of year-to-date (YTD) returns in the table is a direct reflection of this change.