Cryptocurrency stocks diverge: Exchanges under pressure, stablecoin leader Circle remains strong

Source: BlockMedia Original Title: [Crypto Stocks] Coinbase and Robinhood Stumble… Circle Gains Strength Amid Surge in USDC Trading Original Link: Amid mixed closes in the New York stock market, stocks related to digital assets showed divergent performance. Bitcoin and Ethereum prices lack clear direction, entering a correction phase, leading to weak performance of exchange-related stocks. However, news of record-high stablecoin trading volume, especially USDC, came as a boost, making Circle relatively strong.

According to Yahoo Finance and SoSoValue data, the total market capitalization of publicly listed virtual asset-related stocks is approximately $1.8967 trillion. On the same day, New York stocks closed mixed amid cautious sentiment over interest rates and policy variables.

Bitcoin-Related Sector Performs Steadily

The BTC Treasury sector (with a high Bitcoin holding ratio) rose 0.92%, showing relatively stable performance. Strategy (formerly MicroStrategy·MSTR) increased by 3.18%, leading the sector’s strength. Meanwhile, Block (XYZ) fell 1.83%, indicating individual stock divergence.

Exchange Sector Remains Under Pressure

Exchange-related stocks overall remain weak. Robinhood (HOOD) declined 1.35%, Coinbase (COIN) fell 0.14%, both affected by decreased Bitcoin volatility. The exchange sector declined 0.78% for the day.

Mining Stocks Rebound

Mining stocks rebounded. Iren (IREN) rose 4.71%, Bitmine (BMNR) increased over 3%, leading the sector higher. Hut 8 (HUT), TeraWulf (WULF), and others also showed strength, with the mining sector rising 2.59% for the day.

Stablecoins Become Market Focus

Most notably, stocks related to stablecoins performed well. Circle Internet Group (CRCL) increased 1.49%, surpassing the market average. PayPal (PYPL) declined only 0.41%, showing relative resilience. The stablecoin·payment sector rose 0.12% for the day.

This performance reflects the news that global stablecoin trading volume hit a record high. According to Bloomberg data, the global stablecoin trading volume in 2025 grew 72% year-over-year to $33 trillion. Among them, USDC issued by Circle traded $18.3 trillion, the largest share; Tether (USDT) traded $13.3 trillion, ranking second. Since the Trump administration, which is pro-crypto, took office, the regulatory environment has become more relaxed, and the application scope of stablecoins as payment and remittance tools is rapidly expanding.

Sector Performance Summary

BTC Treasury (+0.92%), Mining (+2.59%), Stablecoin·Payments (+0.12%) sectors performed strongly, while Exchanges (-0.78%) and Crypto Investment (-0.99%) sectors underperformed. This indicates capital is flowing away from stocks directly exposed to price volatility toward areas confirmed by improved trading data and policy environments.

Market Outlook

The market believes that, given the short-term lack of clear direction in Bitcoin and Ethereum prices, overall volatility of crypto stocks may remain limited. However, stocks like Circle, which are confirmed by actual usage indicators and policy improvements, may continue to show selective strength.