No surpriseTo see the board filled with doom and gloom and quite frankly, rightfully so. No doubt a shock. I was fully expecting Hut to easily be in the green today - nope.
Why? Well, upon further investigation the only miner that had an amazing day was Riot - up 15%.
However, the rest were just as surprising - Hive - down 2%, Hut - down 3%, Bit Digital - up 0.5%, BitFarm - down 2%.
So on a day where all these stocks should have shot through the roof - only Riot did. All the others were a disappointment.
Why? One might think that Hut is screwed but then so must the others, because they didn't hit it out of the park either. No, my best guess is that because btc has entered price discovery zone - meaning nobody knows what to expect. The same goes for the stocks that are tied to it (except Riot). I suspect people took their profits and continued to short it because that is the safest thing to do. People gravitate to a mean reversionist mentality - human nature. In other words - nobody believes this thing can go up forever.
I don't blame people for being ticked off and upset and for selling or shorting. However, I believe btc will have pull backs and consolidations, but will continue to go up. Once people begin to get more comfortable with that then confidence will flow into these miners.
The mining CEO's haven't lost confidence - in fact, what they just witnessed was great M&A opportunities.