Shares in crypto-related companies opened lower on Wednesday, tracking recent declines in Bitcoin, which is now sitting at its lowest level in a week.
Marathon Digital (NASDAQ:MARA), the largest Bitcoin miner, fell 1.5% following the opening bell.
At the same time, CleanSpark (NASDAQ:CLSK) slipped 2%, Riot Platforms (NASDAQ:RIOT) lost 0.6% and Coinbase Global (NASDAQ:COIN) dropped over 1%.
Moreover, shares in Michael Saylor’s MicroStrategy (MSTR) fell around 3%, while Hut 8 Corp (NASDAQ:HUT) tumbled more than 5%.
The losses come as Bitcoin fell on Wednesday, deepening losses from the previous session after a large transfer of tokens to a major exchange sparked fears of a potential sell-off.
The cryptocurrency, which had recently climbed above $60,000, sharply reversed course on Tuesday, falling back below this key threshold.
The drop followed reports from Whale Alert, a service that tracks significant crypto transactions, which noted that about 30,000 Bitcoin—valued at $1.88 billion—was moved from a cold wallet to Binance.
Although it was later clarified that the transfer was an internal Binance transaction, the movement still unsettled traders, as large transfers to exchanges often signal a potential sale.
This development added to the selling pressure on Bitcoin, which had already been pulling back after a brief weekend rally.
Altcoins also mirrored Bitcoin’s pullback, with the world’s second-largest cryptocurrency Ethereum falling more than 4% in the past 24 hours.
Solana and XRP dropped 5.7% and 3.6%, respectively, while Dogecoin lost 3.7%.
Bitcoin and broader crypto prices stayed within a narrow trading range since reaching a record high in March, with trading volumes gradually decreasing as retail interest wanes.