U.S. markets closed on Friday with mixed signals across the major indexes, but crypto-related stocks, particularly Bitcoin miners, rose significantly on the back of global economic fragility and shifting geopolitical trends.
Listed Bitcoin miners outperform in volatile global markets while Wall Street reels
On Friday, January 23rd, the four major US stock indexes took on a dual personality, setting the tone for crypto-related stocks.
The Nasdaq Composite Index added 65.22 points to end at 23,501.24, while the S&P 500 Index rose 2.26 points to 6,915.61. Meanwhile, the Dow Jones Industrial Average fell 285.30 points to 49,098.71 and the New York Stock Exchange Composite Index fell 40 points to 22,757.16, pointing to a market that appears confident in pockets but anxious elsewhere.
Heat map of S&P500.
This uneven footing was also reflected in virtual currency-related stocks, with performance differing greatly depending on the business model. On the Nasdaq, Coinbase (COIN) fell 2.77%, indicating deep-rooted wariness about crypto trading platforms. In contrast, Strategy (MSTR) rose 1.32% and continued to behave more like a leveraged Bitcoin agency than a software company.
Newly listed companies were not spared from the turmoil. Bitgo’s NYSE debut (BTGO) was a blow, with the stock dropping 21.58% on its first day. Elsewhere on the NYSE, Circle (CRCL) was down just 0.03%, Bull (BLSH) was down 2%, and Bitmine Immersion Technologies (BMNR) was down 0.35%. It’s a move that reflects hesitation rather than panic, but it was hesitation nonetheless.
BTGO stock didn’t do so well in the first week.
While crypto infrastructure and exchange names remained cautious, Bitcoin mining stocks had noticeably stronger price action. IREN Limited led the group, up 8.05% to $56.47, followed by Applied Digital Corporation, up 7.54% to $37.36. TeraWulf rose 7.64% to $13.88 and Hut 8 Corp. rose 5.95% to $58.40, reinforcing the sector’s recent resilience.
Listed minor stock heat map.
Mid-career performers also trended positively. Core Scientific rose 3.56% to $18.73, CleanSpark rose 3.41% to $13.64, and Bitdeer Technologies Group rose 3.27% to $14.50. BitFarms added 3% to trade at $2.74, while Cipher Mining and Riot Platforms posted smaller but still positive moves at 1.55% and 1.30%, respectively.
Not all miners attended the rally. MARA Holdings rose 1.65% to $10.46, while American Bitcoin Corp. stood out as the only loser among the top stocks, dropping 2.88% to $1.52. Still, the broader mining cohort was decidedly greener, especially when considering the mixed performance of traditional stocks.
This divergence highlights a growing pattern. This means Bitcoin miners are increasingly trading based on operational metrics, balance sheet position, and long-term network expectations, rather than day-to-day stock sentiment. Amid lingering macro uncertainty, investors appear to be selective, rewarding companies directly involved in Bitcoin production while taking a more skeptical view of exchanges and newly listed companies.
Also read: Bitwise launches Bitcoin-linked debasement ETF to counter declining dollar power
This selectivity makes sense in a global environment that feels increasingly fragile. Economic growth remains uneven, central bank policy remains restrictive by historical standards, and geopolitical developments continue to inject headline risk into a market already stretched by valuation and concentration concerns.
Against this background, virtual currency-related stocks no longer move as a single transaction. Friday’s session showed a clear divide between infrastructure, miners, and service providers, with each reacting differently to the same macro signals.
For now, Bitcoin mining stocks appear to be carving out a lane of their own, supported by solid price action and increasing operational leverage. Whether that resilience lasts will depend less on the mood on Wall Street and more on how the broader economic and geopolitical chessboard evolves in the coming weeks.
Frequently asked questions ❓
- Why did the U.S. market end mixed on January 23rd?
Investors balanced strength in indexes centered on tech stocks with declines in industrial and broader market benchmarks. - Which crypto stocks have underperformed?
Coinbase and several newly listed crypto companies on the NYSE posted losses during the session. - Why did Bitcoin mining stocks outperform?
Miners benefited from sector-specific trends rather than broader stock sentiment. - What does this imply for crypto stocks going forward?
Performance is becoming increasingly dispersed across business models and is no longer consistent with a single transaction.
