Bitcoin’s Breakout Sparks Fresh Rally In Crypto Stocks: BMNR Leads Gains In Pre-Market
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Key points:
The strongest crypto stock mover on Monday was Bitmine Immersion, which rose nearly 8% in pre-market trade.
The decision comes after Ethereum spot ETFs saw over $160 million in net inflows last week, indicating increased institutional interest.
MARA Holdings rose over 3% pre-market, Bitdeer Technologies climbed around 4%, and Galaxy Digital surged roughly 3.6%.
Bitmine Immersion Technologies (BMNR) led gains among crypto-linked equities in pre-market trade after Bitcoin (BTC) broke past the $74,000 mark, lifting retail sentiment on Stocktwits.Bitcoin’s price was at $73,130, up over 2% over the last 24 hours. CryptoQuant CEO Ki Young Ju pointed out that most Bitcoin analysts are currently extremely optimistic due to improving on-chain indicators and expanding demand. On Stocktwits, retail sentiment around BTC improved from ‘neutral’ to ‘bullish’, as chatter levels remained at ‘low’ over the past day.
BMNR Leads RallyBMNR’s stock was up almost 8% in pre-market trading, leading the way among other crypto-equities. This comes after the Ethereum Foundation sold the company 5,000 Ethereum (ETH) in an over-the-counter deal worth about $10.2 million on Saturday, amid other partnerships in the industry.
The foundation said the funds will be used for community grants, ecosystem development, and protocol research. On Stocktwits, retail sentiment around BMNR improved from ‘bullish’ to ‘extremely bullish’ zone, as chatter remained at ‘high’ levels over the past day.
The increase also coincided with rising institutional demand for Ethereum. According to SoSoValue data, Ethereum spot ETFs had over $160 million in net inflows last week, a continuation of a three-week inflow streak.
MARA, BTDR And GLXY Join the Rally
Strong pre-market momentum was observed in cryptocurrency-mining stocks. Building on a gain of more than 6% in the previous session, MARA Holdings (MARA) increased more than 3% pre-market to about $9. The stock has been rising as the company continues to increase its mining capacity and aims for higher hash rate growth in the upcoming years. The massive Bitcoin mining company usually trades in tandem with changes in BTC price. Pre-market, Bitdeer Technologies (BTDR) was up roughly 4%.
On Stocktwits, retail sentiment around MARA remained in ‘bullish’ territory, as chatter levels remained at ‘normal’ levels over the past day. However, retail sentiment for BTDR remained in ‘neutral’ territory, with chatter levels in ‘low’ over the past day.
Notable strength was also shown by Galaxy Digital (GLXY), which increased by about 3.6% pre-market to about $23 from a previous close of about $22. Due to its exposure to trading, asset management, and investment banking services related to digital assets, the digital asset investment firm frequently benefits from growing institutional demand for cryptocurrencies.
Although on Stocktwits, retail sentiment around GLXY remained in the ‘bearish’ zone, while chatter levels remained ‘normal’ over the past day.
source: https://www.tradingview.com/news/stocktwits:f528297bb094b:0/
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