Crypto stocks lost their footing after the bell on Wednesday. Investors stepped back, cut risk, and waited for one thing: Thursday morning’s U.S. inflation data.
The caution was broad. U.S. equities slipped across the board once regular trading ended. The SPDR S&P 500 ETF fell 0.9%. The Dow ETF slid 0.4%. The Nasdaq 100 ETF dropped a sharper 1.5%. Online, retail mood around QQQ quietly flipped from neutral to bearish, and the conversation picked up fast.
Crypto followed the same script. The total crypto market fell about 1.6% over the past 24 hours. Prices drifted lower without panic, but liquidations told a different story. CoinGlass data showed nearly $540 million wiped out in a single day. Bitcoin slipped 1.1% to roughly $86,400 and once again set the tone for anything tied to crypto.
Retail sentiment around BTC stayed firmly in extremely bearish territory, even as chatter remained light.
Hut 8 stands out while others step back
While most crypto-linked stocks faded, Hut 8 moved in the opposite direction.
The miner turned infrastructure player announced a massive 15-year agreement worth up to $7 billion to supply AI data center capacity through Fluidstack, with financial backing tied to Google. The market liked what it heard. Hut 8 shares jumped nearly 9% during regular trading and held on to gains after hours, trading about 1% higher.
Retail reaction was immediate. According to Trading Forums, sentiment flipped from neutral to extremely bullish, and message volume exploded from normal levels to extremely high. Analysts took notice too. Clear Street’s Brian Dobson raised his price target on Hut 8 to $60 from $27, pointing to the size and long-term nature of the deal.
The Louisiana-based project is expected to secure financing led by JPMorgan and Goldman Sachs, adding another layer of credibility to the announcement.
Not all miners are feeling the same heat
Elsewhere, the picture was less encouraging. Mining and AI infrastructure stocks showed mixed performance as tech weakness lingered. A Wall Street Journal report added fuel to the debate by highlighting growing cracks in the AI infrastructure boom. Operational delays and tighter credit conditions are starting to bite.
CoreWeave was one of the names in focus. The stock dropped more than 7% during the session before stabilizing slightly after hours. Despite the selloff, retail sentiment on stayed bullish, with high levels of chatter. Still, investors remain wary of the company’s heavy reliance on Nvidia chips and a small group of large customers, including Microsoft and Meta.
Bitcoin and Ether proxies feel the pressure
Crypto treasury stocks did not escape the pullback. Strategy fell more than 4% during regular trading, then clawed back a tiny gain after hours. The company recently revealed it bought another 10,645 Bitcoin, pushing total holdings above 671,000 coins. Even so, retail sentiment around the stock sank to extremely bearish, with interest staying muted.
Ethereum-linked names also struggled. BitMine Immersion Technologies disclosed fresh accumulation this week, adding over 102,000 ETH worth about $320 million. The market barely blinked. Shares fell more than 6.5% on the day before ticking slightly higher after hours.
That move tracked Ethereum itself, which dropped around 4% in the last 24 hours. Retail sentiment around ETH slipped into extremely bearish territory, with few traders stepping up to defend the price.
For now, the mood is clear. With inflation data just hours away, investors are choosing caution over conviction. Hut 8 found a reason to buck the trend. Most others are still waiting for the macro fog to lift.
