The crypto market's reset has gutted related equities, with 12 major stocks shedding 60-95% from all-time highs in just months. What began as euphoric post-Trump election gains - BTC ripping to $126K, MSTR soaring on treasury announcements, COIN/HOOD exploding on volumes, imploded as Bitcoin crashed 50% to $64K by Feb 2026. Leveraged betas turned 20% BTC drops into 40%+ equity routs, amplified by Nasdaq's $1.2T tech sell-off on AI fears and Fed hawkishness. Exchanges like COIN (-70%) and HOOD (-60%, to $90.75 Feb 2) suffered as trading volumes halved; miners MARA/BMNR cratered amid hashprice record lows ($0.03/TH/s) and $87K production costs. Strategy ( MSTR , -80%, down 20% in 5 days to ~$121) faces $6.2B unrealized BTC loss, with analysts slashing targets 60% yet eyeing NAV discount upside. Smaller bets like SBET (-95%) evaporated on thin liquidity. Ticker Company % From ATH ATH DatE HOOD Robinhood Markets -60% Oct 2025 GLXY Galaxy Digital -65% Oct/Nov 2025 COIN Coinbase Global -70% Nov 2025 MARA Marathon Digital -70% Oct 2025 BLSH Bullish Exchange -80% Late 2025 MSTR MicroStrategy -80% Dec 2025 DJT Trump Media (crypto tie) -80% Nov 2025 CRCL Circle (USDC) -85% Nov 2025 GEMI Gemini-related -85% 2025 peak XXI XXI (crypto infra) -90% Late 2025 BMNR BitMine Immersion -90% Oct 2025 SBET SharpLink Gaming (bets) -95% Hype peak The Hype-to-Horror Timeline Oct-Nov 2025 Peak: Trump win sparks BTC to $126K; MSTR adds BTC aggressively, stock 10x's; COIN hits records on $10B daily volumes; miners expand amid hash wars. Jan 2026 Rotation: Fed signals delay cuts; BTC Feb Capitulation: BTC flash-crash to $60K; hash rate -35%, difficulty -16-18% adjustment due Feb 8-10 for miner relief. MSTR tumbles 12% erasing $5B value; Michael Burry warns ”death spiral” under $70K. Public miners close down 10-20% daily on margin fears. Macro crushed: USD strength, AI bust in software ($1.2T Nasdaq loss) rotated capital away. Crypto stocks' sky-high multiples (HOOD 44x fwd) offered no cushion. What's Next: Dead or Rebound Setup? Bulls: Oversold RSI (22), miner difficulty reset boosts hashprice; Strategy earnings Feb this week could reaffirm buys. ARK scoops HOOD dips; BTC $100K rebound = 2-3x for MSTR/COIN historically. Bears: Miner shutdowns accelerate if $50K tests; dilution waves (MSTR raising via shares); regulation post-Trump pause. 95% drops signal ”dead money” for illiquids like SBET. This rout echoes 2022 but faster — corporate resilience (MSTR's $2.25B cash buffer) vs pure spec plays. Capitulation complete? Or just starting?
