BlockBeats News, June 8th, 10x Research published a post stating that Bitcoin was below the 7-day moving average (bearish) but above the 30-day moving average (bullish), with a one-week price change of a 2.5% decline. Part of the reason was a $3.08 billion long position liquidation due to the public spat between Musk and Trump. The uncertainty in U.S. trade policy and a cooling labor market also pressured Bitcoin, keeping its price steady at $105,100. Institutional demand remains strong, with U.S. Bitcoin spot ETF seeing $9 billion in inflows within five weeks. However, profit-taking by long-term holders increased, putting pressure on the price.

The market is beginning to realize that crypto stocks are breaking away from Bitcoin's lackluster performance. The total market value of publicly traded crypto companies has now exceeded $300 billion, with institutional capital making directional bets. Events like Circle's highly anticipated IPO and Robinhood's surge in cryptocurrency revenue point to a structural shift, with retail investors shying away from direct Bitcoin purchases due to high prices and instead opting for cheaper crypto stocks to gain Bitcoin exposure. While Circle's valuation may seem high, the success of its IPO reflects strong demand resulting from increased regulatory clarity. A simple regression analysis shows that Coinbase's stock price is currently 18% below its fair value. Robinhood continues its strong upward trend, and Galaxy Digital may also be undervalued.