Cryptocurrency miners lost over $ 12 billion in April

As of the beginning of April 2025, bitcoin mining companies BTC $85,338.41 Bitcoin 2.99% Market capitalization $1.69 trillion VOL. 24 hours $1.82 billion have lost more than $ 12 billion in market capitalization, effectively canceling all profits made since the beginning of the year. At the same time, the rate of the market’s flagship remains stable at around $ 80,000, which creates a noticeable gap between the value of the cryptocurrency and the valuations of its mining companies.

The correlation between the shares of mining companies and the price of bitcoin has dropped to almost zero, a level that has not been recorded since mid-2022. Previously, such gaps in the dynamics were always preceded by sharp fluctuations or even reversals in market trends. Market experts note that the current situation «looks different» and may signal a change in the fundamental rules of the game.

The mining sector is under pressure from a number of factors. First, the reduction in rewards after halving has changed the economics of the mining process. Second, rising energy prices are reducing profitability. Added to this is the uncertainty in global markets caused by Donald Trump’s statements about possible changes in tariff policy, which deepens investor concerns.

Galaxy Digital analysts point to a change in investment focus: institutional players are increasingly choosing exchange-traded funds (ETFs) that provide access to bitcoin without the risks and costs associated with mining. According to Galaxy Digital CEO Mike Novogratz, capital flows into ETFs have been a key source of support for bitcoin this year.

Historical analogies show that such a correlation between the price of bitcoin and the value of mining companies has often been a harbinger of broader problems in the market in the past. Experts see this as a potentially negative signal, reminiscent of similar falls in the tech sector after the introduction of duties in the United States. Back then, according to some analysts, the market took a decade to recover.