By Omkar Godbole (All times ET unless indicated otherwise)

Traders chasing alpha might want to take a look at U.S.-listed bitcoin BTC$65,121.75 mining stocks. Some of these companies are surging, boldly decoupling from the cryptocurrency's choppy price action.

Shares in Terawulf (WULF) have gained 31% this month, even as bitcoin's spot price has dropped nearly 17%. Cipher Digital (CIFR) and HUT 8 (HUT) have gained 8% and 6%, respectively, while Core Scientific (CORZ) is largely steady.

According to Markus Thielen, founder of 10x Research, these are among the most heavily shorted stocks by hedge funds and could gain due to positive economics.

"With long-term energy contracts secured at attractive rates, these firms possess a strategic advantage that extends well beyond pure Bitcoin mining," Thielen said in a note to clients.

He added that capital is increasingly flowing toward structural winners, while legacy operators risk being left behind.

Bitcoin has bounced to over $65,000, likely tracking gains in futures tied to the Nasdaq 100 index. The advance occurred even though President Donald Trump didn't mention crypto in his State of the Union address.

Spot bitcoin ETFs recorded $257.7 million in net inflows on Tuesday, the most since early February, according to data from SoSoValue. Analysts said inflows need to hold up over the coming days to spark a real market rebound from this slump.

In terms of price, bitcoin is trading close to well-watched pivots, Vikram Subburaj, CEO of Mumbai-based Giottus.com, said.

"A sustained break below $60,000 is widely framed as a downside trigger, with ~$57,500 cited as the next notable level. Conversely, reclaiming $72,000-$75,000 would be a cleaner signal that risk appetite is returning," Subburaj said in an email.

In traditional markets, the Dollar Index reversed early losses, pressuring dollar‑denominated assets such as gold and bitcoin. Oil prices slipped as U.S. stockpiles surged, though downside remained muted amid the risk of a potential military conflict between the U.S. and Iran. Stay alert.

Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today

What to Watch

For a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead".

• Crypto
  • Feb. 25, 1 p.m.: SwissBorg to host its “biggest keynote ever.”
  • Feb. 25: The Sandbox Season 7 starts.
• Macro
  • Feb. 25, 4:30 p.m.: U.S. Fed balance sheet for week ending Feb. 25 (Prev. $6.61T)
• Earnings (Estimates based on FactSet data)
  • Feb. 25: Circle (CRCL), pre-market, $0.16
  • Feb. 25: Core Scientific (CORZ), post-market, -$0.18
  • Feb. 25: MARA Holdings (MARA), post-market, -$0.11
  • Feb. 25: Hut 8 (HUT), pre-market, -$0.13
  • Feb. 25: NVIDIA (NVDA), post-market, $1.50

Token Events

For a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead".

• Governance votes & calls
  • Feb. 25: EigenCloud to host a livestream with Puffer Finance on "Preconfirmations & the Future of Rollups"
  • The Sandbox DAO is voting to pause operations and transfer control to the project team to realign with "The Sandbox 3.0". The proposal currently has the support of 80% of voters. Voting ends Feb. 25.
  • Decentraland DAO is voting to create a customizable "Windfall Lotto Scene" template for land owners. Voting ends Feb. 25.
• Unlocks
  • Feb. 25: Humanity (H) to unlock 4.37% of its circulating supply worth $17.71 million.
• Token Launches
  • Nothing scheduled.

Conferences

For a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead".

• Day 3 of 4: Strategy World 2026 (Las Vegas)
• Day 2 of 4: GFTN Forum Japan (Tokyo)

Market Movements

• BTC is up 2.37% from 4 p.m. ET Tuesday at $65,564.62 (24hrs: +3.55%)
• ETH is up 3.31% at $1,915.35 (24hrs: +4.89%)
• CoinDesk 20 is up 2.97% at 1,901.09 (24hrs: +4.17%)
• Ether CESR Composite Staking Rate is up 2 bps at 2.83%
• BTC funding rate is at -0.0007% (-0.7643% annualized) on Binance

• DXY is unchanged at 97.82
• Gold futures are up 0.58% at $5,206.50
• Silver futures are up 3.82% at $91.50
• Nikkei 225 closed up 2.20% at 58,583.12
• Hang Seng closed up 0.66% at 26,765.72
• FTSE is up 0.79% at 10,764.79
• Euro Stoxx 50 is up 0.5% at 6,147.32
• DJIA closed on Tuesday up 0.76% at 49,174.50
• S&P 500 closed up 0.77% at 6,890.07
• Nasdaq Composite closed up 1.04% at 22,863.68
• S&P/TSX Composite closed up 0.57% at 33,970.38
• S&P 40 Latin America closed up 1.53% at 3,800.72
• U.S. 10-Year Treasury rate is up 2.1 bps at 4.054%
• E-mini S&P 500 futures are up 0.11% at 6,911.25
• E-mini Nasdaq-100 futures are up 0.15% at 25,066.25
• E-mini Dow Jones Industrial Average Index futures are unchanged at 49,277.00

Bitcoin Stats

• BTC Dominance: 58.52% (+0.13%)
• Ether-bitcoin ratio: 0.02917 (0.9%)
• Hashrate (seven-day moving average): 1,034 EH/s
• Hashprice (spot): $28.69
• Total fees: 2.7 BTC / $171,903
• CME Futures Open Interest: 114,890 BTC
• BTC priced in gold: 12.6 oz.
• BTC vs gold market cap: 4.38%

Technical Analysis

• The chart shows daily price swings in solana (SOL) in candlestick format.
• The drop from September highs could be described as a stair-step decline, where prices fall, then move sideways in consolidation, and then resume selling.
• Lately, the price has been consolidating between roughly $75 and $91. A move below the lower end of the range would imply resumption of the broader downtrend, potentially yielding a deeper slide.

Crypto Equities

• Coinbase Global (COIN): closed on Tuesday at $162.03 (+1.12%), +2.14% at $165.49 in pre-market
• Circle Internet (CRCL): closed at $61.37 (+0.33%), +16% at $71.00
• Galaxy Digital (GLXY): closed at $21.54 (+5.90%)
• Bullish (BLSH): closed at $30.76 (+0.42%), -1.63% at $30.26
• MARA Holdings (MARA): closed at $8.05 (+2.16%), +1.61% at $8.18
• Riot Platforms (RIOT): closed at $16.50 (+5.43%), +1.94% at $16.82
• Core Scientific (CORZ): closed at $17.87 (+5.80%), +0.78% at $18.01
• CleanSpark (CLSK): closed at $10.35 (+5.40%), +1.93% at $10.55
• CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $42.71 (+7.42%)
• Exodus Movement (EXOD): closed at $9.76 (+2.20%)

Crypto Treasury Companies

• Strategy (MSTR): closed at $124.61 (+0.73%), +2.51% at $127.74
• Strive (ASST): closed at $7.16 (-2.65%), +0.35% at $7.19
• SharpLink Gaming (SBET): closed at $6.55 (+0.92%), +2.90% at $6.74
• Upexi (UPXI): closed at $0.61 (+7.61%)
• Lite Strategy (LITS): closed at $1.11 (+3.74%)

ETF Flows

Spot BTC ETFs

• Daily net flows: $257.7 million
• Cumulative net flows: $54.05 billion
• Total BTC holdings ~1.26 million

Spot ETH ETFs

• Daily net flows: $9.2 million
• Cumulative net flows: $11.51 billion
• Total ETH holdings ~5.64 million

Source: Farside Investors

While You Were Sleeping

• European and U.K. stocks hit records powered by banks and miners (Bloomberg): The gains across European stocks strengthened, with the FTSE 100 and the Stoxx 600 both at record highs. Banks and mining stocks are providing the biggest boosts.
• Yen close to 2-week lows on rate concerns, market sentiment in focus (Reuters): The yen hovered near two‑week lows against the dollar after sliding on Tuesday on worries about a more dovish Bank of Japan and rising tensions with China.
• Global trade is holding up, says HSBC chief (The Wall Street Journal): The world's biggest trade-finance bank is not worried by President Trump's latest tariff broadside, a 10% global levy that took effect this week, saying “trade has been resilient" in the last 12 months.