Crypto mining stocks have experienced a significant downturn, losing over $12 billion in market value and falling back to levels seen in early 2024. This decline has occurred despite Bitcoin’s relatively stable price, raising concerns about potential market instability. While Bitcoin remains relatively steady at around $65k, mining stocks have been heavily impacted, shedding a substantial portion of their value since February, wiping out much of the gains they saw earlier this year. Analysts warn that this decoupling from Bitcoin signals a concerning trend. Although the stability of Bitcoin’s price continues to be noted, the correlation between its price and mining stock valuations has sharply decreased, approaching negative territory for the first time since late 2022. This suggests miners are not aligning with Bitcoin’s current trajectory, a trend that warrants further investigation.