Mars Finance News, amid the widespread decline of tech stocks, cryptocurrency-related stocks have fallen particularly sharply, with the divergence from the broader market continuing to widen. Coinbase (COIN) and Circle (CRCL) have dropped 69% and 72% from their respective historical highs, far exceeding the 48% to 57% retracement of mainstream tech stocks such as Oracle, Salesforce, Netflix, and Palantir; in contrast, the S&P 500 index has only fallen 3.5% from its recent high. On the fundamental level, Coinbase's first-quarter performance significantly missed Wall Street expectations, with revenue falling 21% quarter-over-quarter and a loss per share of $1.49, while analysts had expected earnings per share of $0.27. Bitcoin fell below $60,000 this week, down more than 54% from its peak in October; Ethereum also fell to around $1,500, down about 69% from its high last year, with market sentiment continuing to deteriorate. In its mid-year outlook report, 21Shares lowered its 2026 cryptocurrency market expectations, stating that digital asset price performance has significantly lagged behind industry fundamentals. The institution pointed out that institutional adoption continues to deepen, and stablecoins, asset tokenization, and prediction markets all maintain strong development momentum, but Bitcoin's four-year market cycle remains the dominant force in price trends. The report also acknowledged that its previous judgment was wrong—"Bitcoin's cycle is evolving but has not been broken," retracting its earlier assertion that the four-year cycle was outdated. Analysts believe that the deep retracement of cryptocurrency stocks reflects the superposition of three pressures: the overall weakness of the digital asset market, uncertainty in the progress of structural legislation for the U.S. crypto market, and the potential impact of AI technology on existing business models.

BTC-0.57%

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Crypto stocks fell far more than big tech stocks: Coinbase and Circle are down 69% and 72% from their highs respectively, and Bitcoin once fell below $60k, exacerbating pessimism.

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