How Crypto Stocks React to Market Sell-Off

Key Notes

• Bitcoin’s drop below $90K and $1B in weekly ETF outflows triggered a broad sell-off across crypto-linked equities.
• Coinbase and MicroStrategy both slid, with MSTR extending its drawdown despite Saylor’s new 8,178 BTC purchase.
• Mining stocks showed mixed performance as hashprice plunged.

On Nov. 18, Bitcoin

BTC
$90 905



24h volatility:
4.8%


Market cap:
$1.81 T



Vol. 24h:
$119.21 B

  broke below $90k as risk appetite soured on rate-cut uncertainty, spilling into crypto-exposed equities.

U.S. spot BTC ETFs saw heavy net outflows in early mid-November, with $1 billion withdrawn over a week, removing a key bid from the market. Moreover, the hashprice has sunk to multi-month lows as price softens and difficulty stays elevated.

Among the major crypto players, the miner stocks were hit the hardest. However, the companies that invest in cryptocurrencies were also affected. Here’s how major stocks reacted to the recent crypto bloodbath.

Coinbase and Microstrategy: Who Suffered Most

Major crypto exchange Coinbase (COIN) closed on Nov. 17 at $263.95, which represents a 7.06% drop as selling broadened across crypto-exposed tech.

COIN typically benefits from heightened volatility via volumes, but when crypto prices reset sharply, valuation compression can dominate.

MicroStrategy / Strategy Inc. (MSTR) ended the day with $195.42 (2.17% drop), continuing its recent drawdown and tracking Bitcoin beta. However, Michael Saylor has reinstated his faith in Bitcoin, making yet another massive purchase of 8,178 BTC.

Big BTC Mining Stocks Trade Sideways

Despite being hit the hardest by the lower Bitcoin price, major mining stocks closed differently on Nov. 17.

Group moves hinge on hashprice (BTC price multiplied by network difficulty vs. power costs). Firms with lower-cost power or diversified compute (AI and/or HPC) can diverge, helping explain Monday’s mixed closes:

• Marathon Digital (MARA): $11.51, −4%.
• Riot Platforms (RIOT): $13.88, -0.5%.
• CleanSpark (CLSK): $10.61, −3.19%.
• Hut 8 (HUT): $37.7, +2%, bucking the group’s weakness.

IREN (IREN): $47.41, +1.04%, another notable gainer on the day.

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Yana Khlebnikova joined CoinSpeaker as an editor in January 2025, after previous stints at Techopedia, crypto.news, Cointelegraph, and CoinMarketCap, where she honed her expertise in cryptocurrency journalism.

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