The crypto market has some exciting and interesting changes. This week, major mining companies had a marathon day of stock trading, with volumes exceeding $200 million, surpassing some of the world’s biggest names in technology.
On Monday, crypto mining firms saw sturdy trading volumes on American exchanges, with some mining shares even outperforming renowned U.S. tech companies. In accordance with Yahoo Finance data, the entire trading volume between the two largest Bitcoin mining firms, Marathon Digital and Riot Platforms, was an astonishing $3.55 billion on Jan 8. Based on various resources, Marathon Digital (MARA) was the most actively traded stock in the United States on the day, with 112 million total shares traded. This took the Bitcoin miner well ahead of Tesla, AMD, Nvidia, and Apple. Tesla was found to be the second most traded stock as it had a daily trading volume of approximately 85 million traded shares.
Meanwhile, Grayscale’s Bitcoin Trust (GBTC) traded near $500 million on Jan. 8, accounting for well over 99% of the 3,000 current ETFs, according to industry expert Eric Balchunas. In his exact words, “ $GBTC traded close to half a billion today, which is more than 99% of the 3000 current ETFs, and a reminder that they are bringing a (volume) gun to a knife fight if they launch with everyone else. That said, the 1.5% fee will act as a repellent. Another fascinating sub-plot”. Additionally, Grayscale desires to either convert or “uplist” the fund it owns, operates or manages, to a spot ETF if the Securities and Exchange Commission approves.
Marathon’s outperformance coincides with a broader surge in the Bitcoin mining industry. Core Scientific gained a $55 million equity investment on January 8 as it arose from its debt crisis. According to Cointelegraph, the $55 million equity offering was oversubscribed and expired last week. After bankruptcy proceedings are completed, the company intends to relist on the Nasdaq exchange, joining the high-flying mining stocks that have outperformed this week. Furthermore, CleanSpark announced a strategic agreement under which it could purchase up to 160,000 miners by the end of 2024. As everyone is focusing on the crypto market, they are also anticipating and manifesting some major profits.