Quick Take
Bitcoin mining stocks have seen a remarkable performance in 2023, outpacing Bitcoin’s already impressive 160% YTD surge. Key mining players, including Hive and Marathon Digital Holdings, have recorded skyrocketing growth figures at an astonishing 274% and 767% YTD, respectively.
Data from Fintel points to an intriguing phenomenon – a significant percentage of short interest in these mining stocks, corroborated by analyst Mortensen Bach. This short interest has added momentum to their upward trajectory. CryptoSlate observed a divergence a few months prior between miners and Bitcoin’s price, a trend that has now caught up and exceeded the Bitcoin price.
Mining Stock | Short Interest % |
---|---|
$HUT | 32.74% |
$WULF | 22.58% |
$MARA | 22.60% |
$CIFR | 20% |
$RIOT | 18.16% |
$BTBT | 13.73% |
$CLSK | 8.42% |
$SDIG | 7.20% |
$BITF | 6.51% |
$HIVE | 5.25% |
$IREN | 4.01% |
$BTDR | 3.13% |
$MSTR | 20.93% |
Source: Fintel
The Bitcoin mining proxy, WGMI, has surged 143% in the past three months, compared to Bitcoin’s 64% increase. The interplay of high short interest and rising prices on these mining stocks suggests a potential short squeeze scenario playing out. As prices continue to climb, shorts may be closing their positions, propelling prices upwards.
![Bitcoin Mining Stocks YTD: (Source: Trading View)](https://crypto-chat.org/wp-content/uploads/2023/12/Bitcoin-mining-stocks-dwarf-Bitcoins-gains-amid-short-squeeze-buzz.png)
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