I noticed an interesting pattern in the market — Bitcoin miner stocks are rising this month, even though the price of BTC itself has fallen by almost 17%. TeraWulf has gained 31%, Cipher Mining +8%, Hut 8 +6%, and Core Scientific remains steady. Logically, it should be the other way around, but everything is clear here.

These companies benefit from long-term electricity contracts they signed in advance. Cryptocurrency mining has become much cheaper for them compared to competitors, giving them a serious advantage. Hedge funds are actively betting on these stocks, and analysts talk about a possible short squeeze if the fundamental indicators improve.

Basically, these are structural winners — cryptocurrency mining has become more profitable for them thanks to a smart approach to energy resources. Capital flows exactly where there is a real advantage. It’s interesting to see how the market finds these mismatches.