Matrixport: Divergence in the performance of crypto concept stocks amid Bitcoin's pullback

CycleProphet · 2026-02-04T08:51:09+00:00

Matrixport analysis shows that despite Bitcoin's 14% decline since the beginning of the year, the performance of crypto concept stocks has become differentiated. Some brokerage platforms like Robinhood and Coinbase have pulled back significantly, while certain Bitcoin mining companies performed strongly, especially IREN which rose 44%. The market is beginning to differentiate based on company business models, leading to a decrease in the correlation between individual stocks and Bitcoin.

CycleProphet

2026-02-04 08:51:09

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Deep Tide TechFlow News, February 4th, Matrixport published an analysis indicating that although Bitcoin has declined about 14% since the beginning of the year, the overall performance of crypto concept stocks shows a clear divergence trend. According to the latest data:

Brokerage and trading platforms (such as Robinhood, Coinbase) have retraced by double digits, down 23% and 21% respectively
Some Bitcoin mining companies have performed strongly after shifting their focus to AI data centers, with Riot Platforms and Core Scientific rising 21% and 22% respectively
IREN performed the best, up 44% since the beginning of the year

This divergence indicates that market pricing methods are shifting from the past view of crypto assets as moving in unison, to a more differentiated assessment based on each company’s business model and strategic direction. This has led to a decrease in the correlation between related stocks and Bitcoin, creating more alpha opportunities for individual stocks.

Data shows that despite a 16.3% decline in the overall sector last week, the return distribution since the beginning of the year is highly varied, fully reflecting the market’s differentiated pricing of various crypto concept stocks.

BTC-2,68%

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