Bitcoin Mining Stocks Shed $23B as Four-Week Slide Tests the Sector’s Bull Run
See you in four years?
Bitcoin mining stocks have erased more than $20 billion in market value over the past month, raising the question of whether the sector’s sharp year-end rally is losing steam.
Around October 15, a group of 15 major publicly traded miners extended a multi-week rally that pushed their combined market capitalization to nearly $90 billion, as TheMinerMag reported at the time. But sentiment has deteriorated since. As of November 12, the cohort’s total market cap has fallen to $67 billion, a decline of 25% from the October peak.
A TradingView snapshot of the period shows the sector underperforming bitcoin, with most miners falling more steeply than BTC’s roughly 10% slide over the same timeframe.
The pullback comes even as institutional investors have been accumulating mining equities. Recent Schedule 13G filings show:
Fidelity’s FMR LLC disclosed an 8% stake in Riot.
Jane Street crossed 5% ownership thresholds in Terawulf, Cipher and Bitfarms.
Barclays PLC reported a 5.27% position in Core Scientific.
Situational Awareness, a hedge fund, increased its Core Scientific stake to 9.4% in mid-October.
Institutional inflows, however, have not offset selling elsewhere. Tether trimmed 8 million Bitdeer shares, a move that likely contributed to Bitdeer’s decline during the period. More broadly, miners with weaker balance sheets or higher leverage saw outsized drawdowns as bitcoin retreated from the $120,000 range to the low $100,000s.
Despite the four-week slump, most miners remain ahead of bitcoin on a year-to-date basis. Still, the drawdown has pushed several names into oversold territory relative to BTC, a reversal from mid-October when miners were outperforming and attracting renewed speculative interest.
The divergence leaves the sector at an inflection point: is this a temporary retracement driven by macro jitters and profit-taking, or the early sign that the post-halving bull run is already fading?
With bitcoin’s hashprice hovering near cycle lows and mining economics tightening again, the next few weeks may help determine whether miners reclaim their October momentum—or whether this is another cycle where optimism peaks early, only to ask the familiar question: see you in four years?
But for some, like Bitfarms, the answer is already taking shape. The company announced on Thursday a major strategic shift to orderly wind down its bitcoin mining hashrate beginning in 2026 and repurpose its facilities in Canada and the U.S. for HPC workloads, starting with its 18-megawatt site in Washington.
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