North American crypto stocks have taken quite a beating this round.

Here’s the data from Bloomberg: from the start of 2025 until now, the median share price of publicly listed digital asset-related companies in the US and Canada—miners, custodians, and the like—has been slashed by 43%. What’s worse, there’s barely any sign of a rebound.

This isn’t just normal stock market volatility. What’s really behind it is traditional capital questioning the current business models in the crypto industry, plus the looming threat of regulation. To put it bluntly, Wall Street isn’t too optimistic about these companies’ ability to make money.

What does this mean for us traders? The bridge between the crypto world and traditional finance is starting to weaken. The poor performance of these listed companies directly affects their ability to raise funds and execute expansion plans, and ultimately, could drag down the development of the entire ecosystem’s infrastructure.

Even more noteworthy: the price trends of crypto assets themselves have clearly diverged from the performance of these related listed companies’ stocks. This decoupling is both a warning sign and possibly an indicator that the industry is about to reshuffle.

Recommendation: Keep a close eye on the fundamentals of the assets themselves—don’t let the stock market’s correlation effect dictate your decisions.