2025-12-26 04:23:33

The cryptocurrency-related listed companies' stock market showed a clear polarization in 2025.

On one side is the frenzy of mining and computing power companies. BitMine(BMNR) became the biggest winner, with a year-to-date increase of up to 345%, making it a dark horse among dark horses. Iris Energy(IREN) and Cipher Mining(CIFR) also performed strongly, gaining 200%-300%. Several drivers behind this surge include recurring market hot topics, frequent announcements of company strategic assets, and investors' continued optimism about companies related to computing power demand, leading to continuous capital inflows.

On the other side, the situation is quite grim. Companies that mainly bet on specific token narratives or had excessive early gains saw their stocks plummet in 2025. Sol Strategies fell 88%, Fold dropped 75%, and Strategy(, formerly MicroStrategy), also declined 44%. Why is this happening? Analysts' interpretations are consistent: the narrative hype has faded, early rapid gains led to profit-taking, and the market is re-evaluating fundamentals. Specifically, investors are beginning to focus on whether assets are being diluted on the balance sheet, the quality of income, and the extent of exposure to crypto market volatility—fundamental issues that were overlooked during the previous frenzy.

This clear polarization reflects a shift in the entire crypto market's mindset: moving from purely narrative-driven to a more rational approach that emphasizes actual productivity.

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DAOdreamer

· 2h ago

Mining is the real deal; once the hype is busted, you have to admit defeat.

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WalletDoomsDay

· 2h ago

It's the same old "fundamentals" argument, sounding nice, but actually it's just the retail investors finally learning to read financial reports. The 44% drop in MicroStrategy made me laugh out loud; so many people previously praised Saylor's strategic vision... A 345% increase in computing power companies is truly outrageous. Is there real demand this time, or is it another pump-and-dump scheme? Sol dropping 88% doesn't surprise me at all; token narratives are inherently profit-taking mechanisms. This divergence is actually the market correcting itself,淘汰 those companies that only tell stories. Will computing power be the next overhyped sector? Finally, someone is starting to pay attention to revenue quality; there's some hope for this market. Mining concepts have been fully understood this year, but who knows where the bottom is? Shifting from narratives to fundamentals? Uh... I bet this trend won't last more than three months. For those with the biggest declines, will there be a rebound opportunity later, or is it just dead?

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CryptoPhoenix

· 2h ago

It's another round of reshuffling. It seems the law of conservation of energy also applies here—winners eat meat, losers drink soup [bitter smile]. HODL computing power is the real king; fundamentals will never lie. That previous wave of pure narrative really calls for reflection. This is an opportunity for mindset rebuilding. This dip is actually building momentum for us. The bottom range is coming, brothers. The sharp decline actually indicates that the market is maturing. The darkest moments often come right before rebirth. The question is, do you dare to build positions here? True faith is tested in this moment. The surge in computing power companies really touched my heart. This is real, tangible productive capacity. An 88% drop is indeed brutal, but only by cycling through can we see the truth. If you're still chasing narratives, you should wake up already. Fundamentals are the long-term belief.

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