According to André Dragosch, bitcoin-sensitive equities are absorbing incremental market liquidity ahead of BTC, as stated in his X post on Sep 24, 2025. Per SEC filings, bitcoin miners Marathon Digital (MARA) and Riot Platforms (RIOT) have direct BTC exposure because revenues depend on block rewards and transaction fees paid in BTC. Per MicroStrategy’s SEC filings, MicroStrategy (MSTR) acts as a leveraged BTC proxy due to substantial bitcoin holdings on its balance sheet. Per Coinbase’s Form 10-K, Coinbase (COIN) revenue is tied to crypto trading volumes and custody activity, making it sensitive to crypto liquidity cycles. For trading, Dragosch’s observation on X suggests monitoring relative strength and volume in these proxies versus BTC spot and futures to gauge liquidity leadership, according to his X post on Sep 24, 2025.

According to @ki_young_ju, a JPMorgan report reveals that while the Bitcoin (BTC) network's monthly average hashrate dipped approximately 3% in June due to seasonal heatwaves affecting U.S. miners, overall mining profitability has improved. The report highlights that daily block reward gross profit increased by 13% month-on-month, reaching its highest point since January. A key trading indicator is the growing dominance of U.S.-listed miners, whose share of the global network hashrate hit a record 31.5%, according to JPMorgan. These miners have boosted their aggregate hashrate by 99% year-over-year, far outpacing the total network's 55% growth. In stock market performance, the total market capitalization of the 13 tracked U.S. miners rose 23% from the previous month, with IREN (+67%) outperforming and Bitfarms (BITF) underperforming (-19%).