Amid the turmoil in the digital currency market, Bitcoin concept stocks have always attracted much attention. Recently, a piece of eye-catching news shocked investors: Bitcoin concept stocks, which rose more than 7% at the opening, fell sharply by 10% at the close. This incident not only caused ups and downs in the market, but also raised questions about the sustainability of profits. Let us delve into the details behind this incident and reveal the mystery.

Coin Circle (120btC.COM) News: After the US stock market opened yesterday (11), the US Bitcoin spot ETF officially opened for trading. BTC bucked the weak trend announced by the news and once reached a high of nearly 49,000 at around 22:15 in the evening. The U.S. dollar hit its highest level since December 2021.

 **Bitcoin concept stocks opened higher and fell**

Possibly affected by this incentive news, the performance of Bitcoin concept stocks was also very impressive at the opening. Bitcoin mining machine manufacturer Canaan Technology rose more than 14%, and Bitcoin mining companies Marathon Digital and Riot
Platforms rose nearly 7%.

In addition, MicroStrategy, which has the largest Bitcoin reserves among listed companies, also rose nearly 6% at the opening.

However, after BTC surged to nearly $49,000, the upward momentum failed to continue. BTC surged past $3,000 within an hour and a half and once fell below $46,000. It was currently trading at $46,208 before the deadline, down 0.19% in the past 24 hours.

The trend of BTC opening higher and lower during the US stock trading session is very similar to the performance of Bitcoin concept stocks. Canaan Technology, Marathon Digital, Riot
Platforms and MicroStrategy both closed down -0.46%, -12.6%, -15.82% and -5.21% respectively at the last close.

Before the Bitcoin spot ETF was officially approved, investors were generally concerned about whether this incident would become “sell the news” (Sell the news).
News), and whether it will lead to increased volatility in the price of Bitcoin. However, judging from the current trend of Bitcoin, this is not an obvious "sell news" event. Bitcoin is still in a relatively stable sideways fluctuation. The sharp drop after yesterday's surge was 4.53%, and there was no violent fluctuation.

In addition, Bitcoin concept stocks, driven by the market’s optimistic expectations for the adoption of the Bitcoin spot ETF, have previously shown outstanding performance, even surpassing the increase of Bitcoin itself. Part of the reason may be that, before legal Bitcoin investment vehicles were available, institutional investors could only invest in Bitcoin concept stocks. With the official adoption of spot ETFs, investors are paying close attention to the trend of Bitcoin itself to decide whether these concept stocks should be sold to make profits. As a result, we witnessed very similar price action between Bitcoin and its related stocks yesterday.