Bitcoin mining stocks have fallen roughly 20% as investor enthusiasm for AI and semiconductors cools, according to a July 7 report from 10x Research. Bitcoin (BTC) itself has largely sidestepped the damage.

The research firm argues that miners now trade as AI infrastructure companies rather than Bitcoin proxies. Their shares respond to chip supply chains and compute demand instead of crypto market signals.

Bitcoin Mining Stocks Now Trade Like Semiconductor Plays

According to the report, mining equities have largely decoupled from Bitcoin after a sharp rally and an equally sharp reversal. The firm’s data shows Riot Platforms (RIOT) moving in step with the semiconductor SOX ETF since April 2026. Both recently retreated from their highs together.

10x Research warns that this new sensitivity cuts both ways for crypto investors.

“Bitcoin miners are now deeply intertwined with the AI theme, so Bitcoin investors need to closely monitor the changing narratives on that side of the market, too,” the note read.

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The theme driving miners is no longer crypto adoption, the firm added.

Instead, Chinese large language model stocks and the Korean semiconductor supply chain now directly influence miner valuations.

The report also identifies a potential date by which the correction could run its course.

That transmission channel was visible on Tuesday. Samsung shares fell 6% despite the company forecasting a 19-fold profit jump, a reminder of how quickly chip sentiment can turn.

Record BTC Sales Funded the Pivot Behind the Sell-Off

The correction lands on a sector that spent months reshaping itself. Public miners offloaded a record 32,000 BTC in the first quarter, exceeding their full-year 2025 sales. The wave was larger than the roughly 20,000 BTC dumped during the Terra-Luna collapse in 2022.

Riot alone sold 3,778 BTC for $289.5 million in that period, more than double the 1,473 BTC it produced. Its treasury shrank 18% year over year to 15,680 BTC. The company keeps selling its Bitcoin to fund data center construction, including a 500 BTC transfer to NYDIG in late June.

However, not everyone views the shift as a risk. Blockstream CEO Adam Back has defended the AI pivot as a margin booster rather than a security threat.

How the BTC Price Avoided the Damage

For years, mining stocks were Bitcoin with the volume turned up. Riot gained 1,417% in 2020, while BTC rose 298%, then lost 85% in 2022, compared with Bitcoin’s 65% drop.

That pattern broke in 2024, and this year completed the inversion. Bitcoin has fallen 29% in 2026, yet Riot is up 80% and MARA 44%, evidence that miners are now trading on a different story.

As Bitcoin mining stocks fall, the BTC price has proven comparatively resilient. Riot dropped 7.5% on Tuesday to $21.16, down roughly 26% from its late June peak, while MARA slid 6% to $12.17.

Bitcoin, in contrast, traded near $63,042 as of this writing, recovering from an early July dip and holding above support at $58,115.

The insulation follows from the decoupling itself. Miner share prices now rest on expected AI and data center revenue. Cooling chip sentiment therefore compresses equity valuations without affecting Bitcoin’s supply and demand.

“The Bitcoin Mining Correction and the AI Reckoning? Having largely decoupled from Bitcoin, mining stocks have faced a sharp 20% drawdown,” wrote analysts at 10X Research.

Moreover, the heaviest miner selling landed months ago and found buyers. Strategy alone purchased 44,377 BTC in March, or 94% of all public-company acquisitions that month.

In contrast, the current correction involves no comparable wave of coins hitting the market.

The coming weeks of semiconductor news flow and second-quarter miner earnings may reveal whether AI revenue can justify miners’ new valuations. Bitcoin, for once, is watching from the sidelines.

Источник: BeInCrypto