Second, if we look at a wider time horizon (as illustrated below), the mining group still outperforms the Nasdaq between April 2020 and April 2023., winning 90% to 63%. The blockchain group is down 12%. Crypto miners benefitted from a huge bubble in the first half of 2021 (traded between 30x and 70 EV/revenue). From early 2022 to mid-2022, those extreme valuations normalized and converged around 3.5x EV/revenue. The Blockchain group, meanwhile, pretty closely tracks the Nasdaq, though with less volatility.
Source: https://www.coindesk.com/business/2023/04/19/valuations-and-ma-show-things-arent-so-bad-for-crypto/?utm_medium=referral&utm_source=rss&utm_campaign=headlines