On August 15th, US cryptocurrency stocks collectively retreated. Looking at specific data, we can analyze the performance of individual stocks.

SharpLink Gaming (SBET.US): Down over 10%. As of the trading session that day, the stock saw high turnover, reflecting concentrated short-term market selling pressure. As a concept stock in the cryptocurrency gaming sector, its volatility is closely tied to the popularity of virtual asset application scenarios.

Bitmine Immersion Technologies (BMNR.US): Down over 6%. As a company involved in mining equipment and cryptocurrency infrastructure, its stock price is significantly influenced by Bitcoin's hash rate and mining revenue expectations. Its decline that day was higher than the sector average, possibly related to market concerns about rising mining costs.

MicroStrategy (MSTR.US): Down over 2%. Its stock price is highly correlated with the Bitcoin price (as of the second quarter of 2025, the company holds over 1 million Bitcoins). On that day, the Bitcoin price fell from its historical high of $124,500 to below $119,000, a drop of approximately 4.4%. This decline correlated with the decline in MSTR's stock, confirming its status as a "Bitcoin shadow stock."

Coinbase (COIN.US): Down over 1%. As a leading cryptocurrency exchange, its revenue is highly correlated with trading volume. Overall cryptocurrency market trading volume fell approximately 12% from the previous day. Declining trading activity directly impacted market expectations for its short-term performance. However, the relatively small decline suggests a certain degree of market confidence in the stability of leading platforms.

Data Analysis of Correlated Factors

1. Cryptocurrency Market Correlation: After Bitcoin broke through $124,500 on August 14, net capital outflows exceeded $800 million within 24 hours, with leveraged liquidations reaching $120 million. Short-term profit-taking led to a price correction, directly dragging down related concept stocks.

2. Macroeconomic Impact: The US Producer Price Index (PPI) rose 0.9% month-over-month in July, far exceeding expectations of a 0.2% increase. The core PPI rose 3.8% year-over-year, reinforcing market expectations that the Federal Reserve will maintain high interest rates. In a high-interest rate environment, risky asset valuations are under pressure, and cryptocurrencies and related concept stocks, as highly volatile assets, are particularly affected.

Judging from the data, this pullback is not an isolated incident, but the result of the combined effect of short-term fluctuations in the cryptocurrency market, macroeconomic data exceeding expectations, and the fundamental logic of individual stocks. Among them, the linkage between Bitcoin price trends and core targets such as MSTR is particularly significant.#加密市场回调