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▲ Bitcoin (BTC), cryptocurrency mining, artificial intelligence (AI), semiconductors, bear market/AI generated image
Bitcoin (BTC) mining stocks plunged by about 20%, but Bitcoin itself avoided the same shock. As mining company stocks have become more sensitive to the AI and semiconductor market conditions than to cryptocurrency, the existing notion that they are a proxy investment for Bitcoin is being challenged.
According to crypto media outlet BeInCrypto on July 7 (local time), 10x Research analyzed that Bitcoin mining stocks underwent a roughly 20% correction after a steep rise. The researchers stated, "Bitcoin miners are now deeply intertwined with the AI theme, and Bitcoin investors should closely monitor the changing trends in that market."
Riot Platforms (RIOT) showed a similar trend to the semiconductor SOX index since April 2026. 10x Research explained that Chinese large language model related stocks and the Korean semiconductor supply chain are directly impacting the valuation of mining companies. The 6% sharp drop in Samsung Electronics' stock price, despite forecasts of a 19-fold increase in expected operating profit, was also presented as an example of a change in semiconductor investment sentiment.
Mining companies also sold a large amount of Bitcoin to secure funds for their transition to AI and data center businesses. The Q1 sales volume of listed mining companies reached an all-time high of 32,000 BTC, exceeding the annual sales volume for 2025 and even surpassing the approximately 20,000 BTC sold during the Terra-Luna collapse in 2022. Riot sold 3,778 BTC for $289.5 million, disposing of more than double its production of 1,473 BTC during the same period.
The trends of Bitcoin and mining stocks have also completely diverged. Bitcoin fell 29% in 2026, but Riot surged 80% and MARA rose 44%. Subsequently, Riot plunged 7.5% on Tuesday to $21.16, down about 26% from its late June peak, and MARA also fell 6% to $12.17.
10x Research assessed that mining stocks have largely decoupled from Bitcoin, stating, "Bitcoin mining stocks plunged 20%." In contrast, large-scale Bitcoin sales by major miners were concentrated several months ago, and Strategy acquired 44,377 BTC in March alone, accounting for 94% of all listed companies' purchases in the same month. The media reported that Bitcoin sales of a similar scale to the past did not hit the market during this mining stock adjustment.
[Article Key Summary]
-Bitcoin mining stocks plunged about 20% amid cooling AI and semiconductor investment sentiment, but Bitcoin itself avoided the same impact.
-Listed mining companies accelerated their transition to AI and data center businesses by selling a record 32,000 BTC in Q1.
-10x Research analyzed that mining stocks are now behaving more like AI infrastructure companies than Bitcoin proxy investments, becoming more sensitive to semiconductor market conditions.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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