Bitcoin mining stocks Marathon Digital, Riot Platform, Clean Spark fall Wednesday: What's behind the decline? – MARA Holdings (NASDAQ:MARA)

Bitcoin BTC/USD Including mining stocks Marathon Digital Holdings Co., Ltd. Mara, Riot Platforms Inc. riot and Clean Spark Co., Ltd. CLSK Wednesday is down Bitcoin BTC/USD Falling back from recent highs.

The decline came as a broad market decline led to capital outflows from Bitcoin exchange-traded funds (ETFs).

What you need to know: On Tuesday, the Bitcoin ETF recorded net outflows of $79.09 million, ending a seven-day streak of inflows. While inflows to BlackRock's ETF were small at $42.9 million, outflows to ARK Invest's ETF were large at $134.7 million, contributing significantly to overall market outflows. Bitcoin fell 1.52% in 24 hours and was hovering around $66,400 at the time of publication.

As Bitcoin struggles to sustain its recent gains, traders are becoming more cautious, with some even taking profits. Market sentiment surrounding Bitcoin appears to have weakened. Analysts believe that traders are moving towards a more risk-off approach as market volatility increases.

According to Ilya OtichenkoAccording to CEX.IO's lead analyst, open interest in Bitcoin futures has declined and funding rates have declined.

“Bitcoin futures have seen a slight correction in open interest, indicating that some traders are unwinding their positions,” Otichenko said.

A broad decline in risk assets could be seen in market indexes on Wednesday, with the S&P 500 down 1.02% and the tech-heavy Nasdaq leading the decline, down more than 1.8% at last check. The upcoming US elections may increase uncertainty. Market volatility tends to increase around the time of the US presidential election.

Like other crypto stocks Micro Strategy Co., Ltd. MSTR and Coinbase Global Co., Ltd. coin At the time of writing, there was also strong selling pressure.

Marathon Digital, Riot Platforms, and CleanSpark are all expected to report earnings in the coming weeks. Riot will be the first of the group to report expected profits after the market closes on October 30th.

Price action: As of press time, Marathon Digital's stock was down 5.22% to $17.99, Riot Platforms' stock was down 2.82% to $9.635, and CleanSpark's stock was down 5.4% to $11.57, according to Benzinga Pro. It was a dollar.

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