The pre-market trend in the US stock market is worth paying attention to. The leading coin holder MSTR once again led the gains with an increase of 0.75%. Although BTC itself has limited gains, market expectations that Bitcoin will be included in the S&P 500 by 2026 have supported its stock price performance. This reflects signs that traditional capital is proactively positioning itself through stock channels.

More notably, focus is shifting to Ethereum-related targets. BMNR led with a 1.23% increase, mainly driven by the residual enthusiasm from last week's addition of 44,000 ETH. In the US stock market, such companies that explicitly focus on Ethereum assets are still relatively scarce, which explains the market’s premium.

On the other hand, Circle (CRCL) became the only major stock to decline, with a drop of 0.21%. Investors are digesting the company's first annual report forecast after its IPO. Due to expectations of market rate cuts, reserve interest income has decreased, prompting some profit-taking and cashing out at the end of the year.

The mining sector is also experiencing a mild recovery. MARA and RIOT rose by 0.32% and 0.61%, respectively, following slight rebounds from hash rate adjustments, as capital remains optimistic about potential mining industry consolidation opportunities in early 2026.

This "concept stock outperforming coin prices" divergence pattern is quite interesting—it often indicates that traditional capital is quietly accumulating through stock channels. Crypto-related stocks are no longer just leverage tools but are gradually evolving into financial technology assets with real dividend capabilities and long-term growth potential. This shift is a positive signal for the overall maturity of the industry.