Mining stocks completely detach from BTC price anchor: This correction isn't killing coin prices, it's the AI computing power valuation bubble

The crypto market has recently seen a highly disruptive divergence phenomenon, completely breaking years of entrenched market perception: Bitcoin spot prices are stabilizing and rebounding, while mining concept stocks continue to weaken, with the two completely decoupling.

According to the latest market review report from 10x Research, since April this year, overseas mainstream Bitcoin mining sectors have collectively corrected over 20%. Strangely, during this period, Bitcoin did not crash but instead steadily rebounded from the $58k level to the $63k range, showing a clear recovery trend.

Historically, mining stocks were the most standard BTC beta assets, with much higher elasticity than coin prices: when coin prices rose slightly, mining stocks surged; when coin prices fluctuated, mining stocks held up; the two were highly correlated and moved in the same direction. But this trading logic, used for years, completely failed in 2026.

The core root cause is not a collapse in the mining industry's fundamentals, but a complete restructuring and repricing of the valuation logic for mining stocks by the capital market.

Today's mining companies have long been stripped of their traditional "Bitcoin mining target" label by the market and are now redefined as core assets of global AI computing power infrastructure.

Data is enough to confirm this massive change: represented by the leading mining stock RIOT, its stock price volatility correlation has completely shifted—past performance was 100% anchored to Bitcoin's rise and fall, but now it resonates highly with the US SOX semiconductor index, with correlation continuing to rise. The linkage with AI and semiconductor supply chains has completely replaced the original crypto cycle logic.

This also perfectly explains the current market divergence: Bitcoin's current rebound is driven by the halving cycle taking effect, spot capital inflows, and crypto market sentiment recovery—a narrative unique to the crypto circle. Meanwhile, the pricing core of mining stocks is no longer Bitcoin hashrate, mining revenue, or coin price fluctuations, but the global AI computing power supply-demand gap, semiconductor industry prosperity, and AI capital sentiment heat.

Today, the speculative narrative of mining stocks has undergone a complete iteration:
Old story: Rely on Bitcoin halving, coin price surges, and mining profit increases to feast on crypto cycle dividends;
New story: Reuse idle computing power, reserve high-performance chip computing power, reuse IDC resources, and tap into the explosive demand for global AI computing power to feast on tech growth track dividends.

What domestic investors should pay more attention to is that now the price fluctuations of overseas mining stocks can even be influenced by the heat of domestic large model sectors, South Korean semiconductor supply chain capacity, and global AI capital flows. Crypto's own fundamental impact has been relegated to a secondary position.

This decoupling is the result of capital market track restructuring, but it is also a deadly double-edged sword.

On the positive side, it's straightforward: even if Bitcoin experiences short-term volatility or a slow decline later, as long as the AI track sentiment is hot and semiconductor trends continue to strengthen, mining stocks can fully run their own independent bull market, no longer held hostage by coin prices, and free from the high volatility constraints of the crypto market.

But the potential risks are far more deadly than the gains, and are the most easily overlooked pitfalls right now:
During market uptrends, mining stocks give up BTC's high elasticity and don't follow coin prices to feast; during market sentiment ebb, mining stocks have a much higher selling priority than Bitcoin.

Bitcoin has spot capital, institutional holdings, and safe-haven capital as support, providing strong bottom support. But mining stocks, restructured as AI computing power assets, inherently carry tech valuation bubble traits. Once global AI sentiment fades, the semiconductor sector corrects, and expectations of computing power oversupply heat up, mining stocks will face a double valuation hit—neither supported by the crypto cycle nor able to avoid capital flight from the tech track. Their decline will likely far exceed Bitcoin's, creating an extreme scenario of stable coin prices and collapsing stocks.

Summary of core conclusions:
The historical decoupling of mining stocks and BTC is not a short-term anomaly, but a permanent switch in the valuation system. From now on, mining stocks are no longer crypto cycle tools but shadow targets of AI computing power, with trading logic fully cross-sector.

Key trading idea going forward: The era of looking at coins to trade stocks is completely over. The new era of looking at AI and semiconductors to trade mining stocks has officially begun. AI sentiment will become the primary variable driving mining stock fluctuations.$BTC $ETH #Strategy上周减持3588枚BTC $ETH $BTC