Strategy Tumbles to 4-Month Low as Crypto Stocks, Digital Asset Treasuries Sink

Crypto-related stocks tumbled connected Tuesday successful a broad-market crypto descent that brought bitcoin (BTC) down to $113,000.

Strategy (MSTR), the largest firm proprietor of BTC, closed the league 7.8% down astatine $336, astatine its weakest terms since April 22.

Ethereum (ETH) treasury firms SharpLink Gaming (SBET) and BitMine (BMNR) mislaid 8%-9%, portion Solana-focused accumulators DeFi Development (DFDV) and Upexi (UPXI) plunged 13.7% and 9%, respectively.

Digital plus concern steadfast Galaxy (GLXY) slid 10%, portion Robinhood (HOOD) sank 6.5% and Coinbase (COIN) fell 5.8%. BTC miner MARA Holdings (MARA) declined astir 6%, portion immoderate high-flying HPC names similar Bitdeer (BTDR), IREN (IREN) and Hut 8 (HUT) plummeted astir 10%.

Risk appetite rapidly evaporated this week arsenic traders expect Fed Chair Jerome Powell's Friday code astatine Jackson Hole, Wyoming.

Read more: Bitcoin Drops Below $114K, Ether Loses $4.2K arsenic Jackson Hole Speech Might Bring Hawkish Surprise