Bitcoin slipped Tuesday while the stocks built to mine it surged, breaking a correlation that defined the sector for years. Something structural is shifting beneath these miners, and it has nothing to do with the coin price.
Crypto mining stocks are breaking from their traditional playbook Tuesday afternoon, climbing hard even as the coin they exist to mine drifts lower. The move puts fresh weight behind the argument that these names are being repriced as artificial intelligence and high-performance computing plays rather than levered Bitcoin proxies. It’s also the first full session after the holiday weekend, so positioning built while the market was closed is being expressed at once.
Cipher Mining (NASDAQ:CIFR) stock is up 8% to…
