Crypto-linked equities are increasingly trading like a proxy for Bitcoin (BTC) rather than tracking the broader U.S. stock market, according to a new analysis from Kaiko Research—a shift that matters as slowing volumes and intensifying competition begin to separate structurally resilient firms from the rest.
In a recent report, Kaiko Research analyst Thomas Probst said major publicly listed crypto-facing names—including Coinbase ($COIN), Circle Internet Group ($CRCL), Gemini ($GEMI), and Bullish ($BLSH)—have shown price behavior driven more by the direction of the crypto market and trading… Read more





