Shares of major crypto-linked companies slipped in early trading on Tuesday, even as Bitcoin continued its strong run and pushed past the $86,000 mark.
Strategy (MSTR) and Coinbase (COIN) each fell around 1.7%. On Stocktwits, retail sentiment toward MSTR improved to bullish from neutral over the past day, while sentiment around COIN moved up to neutral from bearish.
Meanwhile, shares of Circle (CRCL), the company behind the USDC stablecoin, dropped 2.5%, with retail sentiment slipping from bullish territory into neutral.
The weakness was not limited to these names. Strive (ASST) fell 2.8%, while XXI Holdings (XXI) declined 1.9%. Both BitMine Immersion Technologies (BMNR) and SharpLink Gaming (SBET), two companies building large Ethereum treasuries, also traded lower. BMNR stock dropped 1.5%, and SBET fell 2.7%. On Stocktwits, sentiment around BMNR stayed neutral over the past day, while sentiment around SBET flipped from bearish to bullish.
Worth noting, every stock in this group gained in the previous session. Based on Monday’s close, COIN was the only one trading lower year to date.
The crypto rally keeps rolling
Bitcoin extended its gains in early morning trade on Tuesday, rising 1.8% over the last 24 hours and crossing $86,000 for the first time since January. Even with the rally that kicked off last week, the leading cryptocurrency remains more than 30% below its record high of $126,000 reached in October last year.
Dogecoin (DOGE) led gains among the major cryptocurrencies, followed by Ripple’s XRP (XRP), with both outpacing Bitcoin. Ethereum (ETH) and Solana (SOL), which had led the previous session’s gains, also climbed but at a slower pace. Ethereum rose 1% over the last 24 hours to trade around $2,700, while Solana moved 1.3% higher to around $117.
According to CoinGlass data, more than $800 million in positions were liquidated over the last 24 hours as the overall cryptocurrency market climbed 2.4% and crossed $3 trillion. The majority of these liquidations came from short positions that were forced out of the market.
Bitcoin ETF inflows approach $1 billion
The rally also received a boost from exchange-traded funds. Spot Bitcoin ETFs recorded $999 million in net inflows on Monday, their strongest daily inflow in roughly a year, according to Farside Investors.
BlackRock’s iShares Bitcoin Trust (IBIT) topped the group with $381.4 million in inflows. The ARK 21Shares Bitcoin ETF (ARKB) pulled in $289.1 million, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) attracted $238.8 million.
Spot Ethereum ETFs also saw roughly $270 million in inflows on Monday.
The crypto rally has unfolded alongside lower oil prices and fresh regulatory developments around tokenized securities. Last week, the Securities and Exchange Commission granted temporary, conditional relief that allows certain venues to trade tokenized U.S. stocks onchain.
